Section 1 – Interest - Items 10 and 20

1.1 Interest receivable and similar income: breakdown

  Composition Debt securities Loans Other assets 31.12.2015 31.12.2014
1 Financial assets held for trading - - - -  
2 Financial assets at fair value - - - -  
3 Available for sale financial assets 43.991 - - 43.991 28.090
4 Financial assets held to maturity 22.110 - - 22.110 119.873
5 Due from banks 2 101 341 444 4.082
6 Loans to customers (1) - 83.579 99.971 183.550 162.885
7 Hedging derivatives X X - - -
8 Other assets X X 115 115 8
  Total 66.103 83.680 100.427 250.210 314.938

(1) The data for 2014 were restated as described in the Notes, Part A, Section 2.

The decline from 2014 was essentially attributable to the lower interest income from the debt securities in the Bank's portfolio, largely as a result of the rebalancing completed in April 2015 and commented under significant events occurred during the year in the Directors' Report.

The sub-item Loans to customers, Other assets, includes 26,7 million Euro in interest on arrears due from the Public Administration recognised by the Pharma business area. Currently, the Bank conservatively recognises the interest for late payments below the nominal rate of interest on arrears. It is reviewing this accounting method in accordance with the reference legal framework to better represent the actual profitability of the Pharma business area.

Please note that at 31 December 2015, interests on arrears accrued on amounts due from the Public Administration, calculated from the invoice's original maturity, relate to receivables already settled (43,1 million Euro) and outstanding receivables (52,0 million Euro).

The sub-item Loans to customers, Other assets, includes 3,3 million Euro in positive interest expense classified under interest income, reflecting the impact of reduced interest rates on funding costs; in addition, it includes the 8,5 million Euro negative impact of the update to the cash flow simulation model for the DRL segment's receivables.

1.3 Interest receivable and similar income: other information

1.3.1 Interest income on foreign currency financial assets

  31.12.2015 31.12.2014
Interest income on financial assets in currency 1.305 1.147

1.4 Interest due and similar expenses: breakdown

  Composition Debt Loans Other assets 31.12.2015 31.12.2014
1 Due to Central banks - X (303) (303) (3.277)
2 Due to banks (325) X - (325) (156)
3 Due to customers (40.928) X (8) (40.936) (89.597)
4 Outstanding securities X - - - -
5 Financial liabilities held for trading - - - - -
6 Financial liabilities at fair value - - - - -
7 Other liabilities and provisions X X (20) (20) (168)
8 Hedging derivatives X X - - (65)
  Total (41.253) - (331) (41.584) (93.263)

At 31 December 2015, Interest expense on payables due to customers classified under "debts" referred to the rendimax savings account for 39,8 million Euro, compared with 83,0 million Euro at 31 December 2014, as interest rates gradually declined throughout the year, continuing the trend that started in 2014. This trend is expected to accelerate slightly because of the recent introduction of new 3-, 4- and 5-year maturities.

1.5 Interest due and similar expenses: spreads on hedging transactions

Voci/Valori 31.12.2015 31.12.2014
A. Premium spreads on hedging transactions: -
B. Discounts spreads on hedging transactions: - (65)
C. Balance (A-B) - (65)

1.6 Interest due and similar expenses: other information

1.6.1 Interest expense on foreign currency liabilities 

  31.12.2015 31.12.2014
Interest expense on liabilities in currency (183) (125)

1.6.2 Interest expense on liabilities for financial leasing

  31.12.2015 31.12.2014
Interest payable on liabilities for financial leasing (141) (177)