Significant events occurred during the year

Banca IFIS transparently and timely discloses information to the market, constantly publishing information on significant events through press releases. Please refer to the “Investor Relations\Press Releases” section on the website www.bancaifis.it for complete details.

http://www.bancaifis.com/Media-room/Press-releases

Here below is a summary of the most important events:

Sale and repurchase of government bond portfolio

Based on the trends in market rates on government bonds in the Bank's portfolio registered during April 2015, as well as considerations on the costs to refinance the debt collateralised by said securities, the Bank found it expedient to restructure part of the Italian government bond portfolio. It kept its size unchanged, but slightly increased the average maturity: the most distant maturity is now 2020 (as opposed to 2018 before the transactions). The whole portfolio consists of floating-rate or inflation-indexed bonds.
The sale of the portfolio, completed in April, contributed 124 million Euro to gross profit for the period.

The new business unit: “Pharmacies”

On 17 June 2015, the Bank launched “Pharmacies”, the new business unit integrated within the existing “Banca IFIS Pharma” area.

This unit aims to meet the medium-term financing needs of over 15.000 pharmacies throughout Italy using a new instrument: medium-term financing to support trade payables. Designed for retail entrepreneurs, this instruments allows pharmacists to take out loans backed by their accounts receivable.

Thanks to its consolidated know-how and extensive knowledge of the market, bolstered by the addition of a team of professionals with years of experience in the industry, Banca IFIS combines two specialist skills in this business unit: business lending—using factoring to mitigate credit risks—and the presence in the pharmaceutical and health care sector of Banca IFIS Pharma, which specialises in management solutions for companies wishing to factor receivables due from Italy's National Health Service and Public Administration.

Pro-rata contribution to the Italian banking system's rescue loan

The cumulative impact of the Italian banking system's rescue of Banca Marche, Banca Popolare dell’Etruria e del Lazio, CariChieti, and Cassa di Risparmio di Ferrara (Directive 59/201/EU Single Resolution Fund) and the participation in the new funding mechanism for Italy's Interbank Deposit Protection Fund (FITD, Fondo Interbancario di Tutela dei Depositi) introduced by the Deposit Guarantee Schemes Directive (DGSD) 2014/49/EU was 10,6 million Euro.

The contributions to the Italian Bank Resolution Fund required of Banca IFIS, including a one-off contribution, to date amount to 8,6 million Euro. Additionally, the Bank paid about 2 million Euro as the annual contribution to the FITD for the year 2015.