Governance and services

Within the scope of its management and coordination activities, the Governance and Services segment exercises strategic, managerial, and technical-operational control over operating segments and subsidiaries.

Furthermore, it provides the operating segments and subsidiaries with the financial resources and services necessary to perform their respective business activities. The Internal Audit, Compliance, Risk Management, Communications, Strategic Planning and Management Control, Administration, General Affairs, Human Resources, Organisation and ICT functions, as well as the structures responsible for raising, allocating (to operating segments and subsidiaries), and managing financial resources, are centralised in the Parent Company.

Specifically, this segment includes the contribution of the securities portfolio to net interest income for the period, amounting to 64,4 million Euro (compared to 103,9 million Euro in the prior-year period). Besides the maturing and disposal of some bonds, the fall was largely attributable to the mentioned sale of part of the AFS securities portfolio in April 2015—as part of this rebalancing, the Bank also lengthened the portfolio's maturity structure.

In addition, the segment comprises the cost of retail funding exceeding core loans and held in order to guarantee an adequate level of liquidity under economic stress scenarios.

INCOME STATEMENT DATA
(in thousands of Euro)
31.12.2015 31.12.2014 CHANGE
      ABSOLUTE %
Net interest income 47.639 88.673 (41.034) (46,3)%
Net commission income (586) (4.878) 4.292 (88,0)%
Dividend and net result from trading 125.599 533 125.066 23.464,5%
Net banking income 172.652 84.328 88.324 104,7%
Net impairment losses on receivables and other financial assets (8.977) - (8.977) n.a.
Net profit from financial activities 163.675 84.328 79.347 94,1%
 
QUARTERLY INCOME STATEMENT DATA
(in thousands of Euro)
4th Q 2015 4th Q 2014 CHANGE
Net interest income 4.740 18.431 (13.691) (74,3)%
Net commission income (28) (796) 768 (96,5)%
Dividend and net result from trading 1.122 131 991 756,5%
Net banking income 5.834 17.766 (11.932) (67,2)%
Net impairment losses on receivables and other financial assets (728) - (728) n.a.
Net profit from financial activities 5.106 17.766 (12.660) (71,3)%
STATEMENT OF FINANCIAL POSITION DATA
(in thousands of Euro)
31.12.2015 31.12.2014 CHANGE
Available for sale financial assets 3.221.533 243.325 2.978.208 1224,0%
Held to maturity financial assets - 4.827.363 (4.827.363) (100,0)%
Due from banks 95.352 274.858 (179.506) (65,3)%
Loans to customers 103.997 104.376 (379) (0,4)%
Due to customers 5.487.476 5.483.474 4.002 0,1%
Due to banks 662.985 2.258.967 (1.595.982) (70,7)%
 
STATEMENT OF FINANCIAL POSITION DATA
(in thousands of Euro)
31.12.2015 31.12.2014 CHANGE
Bad loans - - - -
Substandard loans - - - -
Restructured loans - - - -
Past due loans - - - -
Total net impaired loans - - - -
Net performing loans 103.997 104.376 (379) (0,4)%
Total loans to customers (cash)  103.997 104.376 (379) (0,4)%
KPI 31.12.2015 31.12.2014 CHANGE
Total RWA per sector 182.779 187.560 (4.781) (2,5)%

At 104,0 million Euro, receivables in the Governance and Services sector were in line with the previous year (-0,4%), and they essentially reflect the balance of margin lending related to repurchase agreements on the MTS platform with Cassa di Compensazione e Garanzia as counterparty.