Assets

Section 1 – Cash and cash equivalents – item 10

1.1 Cash and cash equivalents: composition

31.12.2012 31.12.2011
a) Cash 28 67
b) On demand deposits at Central banks - -
Total 28 67

Section 2 – Financial assets held for trading – item 20

2.1 Financial assets held for trading: breakdown

Type/Amounts 31.12.2012 31.12.2011
Level 1 Level 2 Level 3 Level 1 Level 2 Level 3
A. Cash assets            
1. Debt securties - - - 188 - -
1.1 Structured -     188    
1.2 Others  -  -  -  -  -  -
2. Equity instruments  -  -  -  -  -  -
3. O.E.I.C. units  -  -  -  -  -  -
4. Loans - - - - - -
4.1 Repurchase agreements - - - - - -
4.2 Other - - - - - -
Total A - - - 188 - -
B. Derivative instruments            
1. Financial derivatives - - - - - -
1.1 For trading  -  -  -  -  -  -
1.2 Connected to the fair value option  -  -  -  -  -  -
1.3 Other  -  -  -  -  -  -
2. Credit derivatives - - - - - -
2.1 For trading  -  -  -  -  -  -
2.2 Connected to the fair value option  -  -  -  -  -  -
2.3 Other  -  -  -  -  -  -
Total B - - - - - -
Total(A B) - - - 188 - -
 

Structured debt securities at 31 December 2011 refer to quoted convertible bonds held for trading. In 2012 such securities were fully written down following the issuer’s default.

2.2 Financial assets held for trading: breakdown by debtor/issuer

Type/Amounts 31.12.2012 31.12.2011
A. Cash assets    
1. Debt securities - 188
a) Governments and Central banks - -
b) Other public entities - -
c) Banks - -
d) Other issuers - 188
2. Equity instruments - -
a) Banks - -
b) Other issuers - -
- insurance companies - -
- financial institutions - -
- non-financial companies - -
- others - -
3. O.E.I.C. units - -
4. Loans - -
a) Governments and Central banks - -
b) Other public entities - -
c) Banks - -
d) Other issuers - -
Total A - 188
B. Derivative instruments
a) Banks - -
- fair value - -
b) Customers - -
- fair value - -
Total B - -
Total(A B) - 188
 

2.3 Financial cash assets held for trading: annual changes

  Debt securities Equity instruments O.E.I.C. units Loans Total
31.12.2012
A. Opening balance 188       188
B. Increases - - - - -
B1. Purchases - - - - -
B2. Fair value gains - - - - -
B3. Other changes - - - - -
C. Reductions 188 - - - 188
C1. Sales - - - - -
C2. Redemptions - - - - -
C3. Fair value losses 188       188
C4. Transfers to other portfolios - - - - -
C5. Other changes - - - - -
D. Closing balance - - - - -

Section 4 – Available for sale financial assets – item 40

4.1 Available for sale financial assets: breakdown

Type/Amounts 31.12.2012 31.12.2011
Level 1 Level 2 Level 3 Level 1 Level 2 Level 3
1. Debt securities 1.958.051 3.505 - 1.604.449 19.942 46.504
1.1 Structured - - - - - 770
1.2 Others 1.958.051 3.505 - 1.604.449 19.942 45.734
2. Equity instruments - 497 12.538 - 484 13.784
2.1 At fair value - 497 12.538 - 484 9.590
2.2 At cost - - - - - 4.194
3. O.E.I.C. units - - - - - -
4. Loans - - - - - -
Total 1.958.051 4.002 12.538 1.604.449 20.426 60.288
 

Level 1 “other debt securities” primarily refer to Italian government bonds, either fixed-rate and very short-term bonds or floating-rate and medium-term ones. Level 2 and 3 “other debt securities” refer to floating-rate bonds, mainly bank bonds.

These securities have been mainly used for short-/very short-term repurchase agreements with banks, on the MTS platform or on the Eurosystem.

Equity securities refer to non-controlling interests considered strategic for the Bank. They include a start-up investment measured at cost.

4.2 Available for sale financial assets: breakdown by debtor/issuer

Type/Amounts 31.12.2012 31.12.2011
1. Debt sescurities 1.961.556 1.670.895
a) Governments and Central banks 1.887.747 1.526.658
b) Other public entities -  -
c) Banks 73.809 132.524
d) Other issuers - 11.713
2. Equity instruments 13.035 14.268
Banks 9.712 9.551
b) Other issuers 3.323 4.717
- insurance companies -
- financial institutions 3.319 2.838
- non-financial companies 4 1.879
- others  -  -
3. O.E.I.C. units  -  -
4. Loans  -  -
a) Governments and Central banks  -  -
b) Other public entities  -  -
c) Banks  -  -
d) Other issuers  -  -
Total 1.974.591 1.685.163
     

4.4 Available for sale financial assets: annual changes

  Debt securities Equity instruments O.E.I.C. units Loans Total
31.12.2012
A. Opening balance 1.670.895 14.268 - - 1.685.163
B. Increases 4.044.223 886 - - 4.045.109
B1. Purchases 3.918.327 725 - - 3.919.052
B2. Fair value gains 63.147 161 - - 63.308
B3. Reversal on impairment losses - - - - -
- through profit or loss - X -  -  -
- equity-accounted - - - - -
B4. Transfers from other portfolios - - - - -
B5. Other changes 62.749 -  - 62.749
C. Reductions 3.753.562 2.119 - - 3.755.681
C1. Sales 613.836 - 613.836
C2. Redemptions 2.768.000 - - - 2.768.000
C3. Fair value losses - - - - -
C4. Impairment losses 770 2.119 - - 2.889
- through profit or loss 770 2.119 - - 2.889
- equity-accounted - - - - -
C5. Transfers to other portfolios 348.075 - - - 348.075
C6. Other changes 22.881 - - - 22.881
D. Closing balance 1.961.556  13.035 - - 1.974.591
 

As for debt securities, purchases focused on Italian government bonds, at fixed rate for very short-term bonds and at floating rate for medium-term ones. The other increases refer to actual interests and gains realised on the sale of these securities, amounting to 56.595 thousand Euro and 6.154 thousand Euro respectively; the other reductions refer to coupons earned.

With regard to equity securities, purchases refer to the underwriting of the share capital increase in the non-controlling interest of the newly established company India Factoring and Finance Solutions Private Limited, based in Mumbai (India) and whose corporate purpose is to offer factoring, forfaiting and other trade finance products, particularly in the sector of small- and medium-sized companies.

Impairment losses on equity securities include the fair value adjustment of a non-controlling interest (244 thousand Euro) and the full write-down of a non-controlling interest in a non-financial company acquired by the Bank in 2009 (1.875 thousand Euro). The convertible bond issued by the same company amounting to 770 thousand Euro and included in the debt securities portfolio was entirely written down, as was done with equity securities.

The fair value gains and losses refer to the valuation of securities recognised in equity.

Transfers of debt securities to other portfolios (348.075 thousand Euro) refer to the transfer of some Government bonds to held to maturity financial assets as from early 2012. Reclassification was carried out in compliance with paragraph 54 of IAS 39, based on the characteristics of such securities and in light of the Bank’s ability and willingness to hold them until maturity.

Section 5 – Held to maturity financial assets – item 50

5.1 Held to maturity financial assets: breakdown

Type/Amounts 31.12.2012 31.12.2011
Book value Fair value Book value Fair value
Level 1 Level 2 Level 3 Level 1 Level 2 Level 3
1. Debt securities 3.120.428 3.120.428 - - - - - -
1.1 Structured  -  - - - - - - -
1.2 Others 3.120.428 3.120.428 - - - - - -
2. Loans - - - - - - -
Total 3.120.428 3.120.428 - - - - - -
 

5.2 Held to maturity financial assets: debtors/issuers

Type/Amounts 31.12.2012 31.12.2011
1. Debt sescurities 3.120.428 -
a) Governments and Central banks 3.120.428 -
b) Other public entities - -
c) Banks - -
d) Other issuers - -
2. Loans - -
a) Governments and Central banks - -
b) Other public entities - -
c) Banks - -
d) Other issuers - -
Total 3.120.428 -
Total fair value 3.120.428 -
 

The portfolio of held to maturity financial assets, established after 1 January 2012, stood at 3.120,4 million Euro at the end of the period and consists of Italian government bonds with residual maturity at the time of purchase of over one year, in light of the ability and willingness to hold them until maturity.

At the reporting date, securities recognised in this item posted unrecognised net capital gains amounting to 74,5 million Euro before taxes. Such net capital gains were not recognised according to the amortised cost method applicable to this portfolio.

5.4 Assets held to maturity: annual changes

  Debt securities Loans 31.12.2012
A. Opening balance - - -
B. Increases 3.157.495 - 3.157.495
B1. Purchases 2.712.353 - 2.712.353
B2. Riprese di valore - - -
B3. Transfers from other portfolios 348.075 - 348.075
B4. Other changes 97.067 - 97.067
C. Reductions 37.067 - 37.067
C1. Sales - - -
C2. Redemptions - - -
C3. Write-downs - - -
C4. Transfers to other portfolios - - -
C5. Other changes 37.067 - 37.067
D. Closing balance 3.120.428 - 3.120.428 

Transfers to other portfolios refer to some Government bonds previously classified under available for sale financial assets. Reclassification was carried out in compliance with paragraph 54 of IAS 39, based on the characteristics of such securities and in light of the Bank’s ability and willingness to hold them until maturity.

Other increases refer to actual interests, while other reductions refer to coupons earned.

Section 6 – Due from banks – item 60

6.1 Due from banks: breakdown

Type/Amounts 31.12.2012 31.12.2011
A. Due from Central banks 82.863 13.127
1. Restricted deposits  -
2. Legal reserve 82.863 13.127
3. Repurchase agreements -  -
4. Others -  -
B. Due from banks 462.664 302.770
1. Current accounts and on demand deposits 325.063 147.178
2. Restricted deposits 74.7149 44.802
3. Other loans 4.728  -
3.1 Repurchase agreements 4.728  -
3.2 Finance leases -  -
3.3 Other -  -
4. Debt securities 58.159 110.790
4.1 Structured -  -
4.2 Others 58.159 110.790
Total (carrying amount) 545.527 315.897
Total (fair value) 545.527 315.897
 

The sub-heading current accounts and demand deposits includes overnight deposits, partly traded on the e-Mid platform.

Other debt securities refer to bonds issued by banks which, given their characteristics, are classified under due from banks.

Lending financial resources to other credit institutions is not a core activity for the group, and it is largely related to maintaining levels of liquidity exceeding period-end maturities.

The fair value of receivables due from banks is in line with the related carrying amount, considering the fact that interbank deposits and debt securities are short- or very short-term indexed-rate instruments.

Section 7 – Due from customers – item 70

7.1 Due from customers: breakdown

Type/Amounts 31.12.2012 31.12.2011
  Impaired   Impaired
Performing Acquired Others Performing Acquired Others
1. Current accounts 47.038 9.990 44.157 60.884 - 29.636
2. Repurchase agreements 138.735 - - - - -
3. Loans/mortgages 1.836 2.922 2.854 5.911 - -
4. Credit cards, personal loans and salary-backed loans - 16.330 - - - -
5. Finance leases - 477 - - - -
6. Factoring 1.373.084 - 277.234 1.261.016 - 157.680
7. Other transactions 291.446 76.891 9.320 116.970 86.735 3.649
8. Debt securities - - - - - -
8.1 Structured - - - - - -
8.2 Others - - - - - -
Total (carrying amount) 1.852.139 106.610 333.565 1.444.781 86.735 190.965
Total (fair value) 1.872.118 275.137 333.565 1.452.322 112.098 190.965
 

Impaired loans mainly refer to the non-performing loans of the NPL sector, whose business is by nature closely associated with recovering impaired assets. Therefore, loans in the NPL sector are recognised under non-performing or substandard loans. In particular, those loans maintain the same classification as that assigned by the invoice seller, provided the latter is subject to the same law as Banca IFIS: otherwise, if the Bank has not ascertained the debtor's state of insolvency, those loans are classified as substandard.

Performing loans classified under “Other transactions” refer to tax receivables (80.608 thousand Euro) and the margin lending related to repurchase agreements on government bonds on the MTS platform (188.262 thousand Euro).

 7.2 Due from customers: breakdown by debtor/issuer

Type/Amounts 31.12.2012 31.12.2011
  Impaired   Impaired
Performing Acquired Others Performing Acquired Others
1. Debt securities: - - - - - -
a) Governments - - - - - -
b) Other public entities - - - - - -
c) Other issuers - - - - - -
- non-financial companies - - - - - -
- Financial institutions - - - - - -
- Insurance companies - - - - - -
- others - - - - - -
2. Loans to: 1.852.139 106.610 333.565 1.444.781 86.735 190.965
a) Governments 44.946 - 583 73.090 - 3.806
b) Other public entities 549.917 - 58.609 356.258 - 36.291
c) Other issuers 1.257.276 106.610 274.373 1.015.433 86.735 150.868
- Non-financial companies 899.462 20.350 256.195 953.325 11.845 136.035
- Financial institutions 351.508 39 3.394 34.623 - 3.346
- Insurance companies - - - - - -
- Others 6.306 86.221 14.784 27.485 74.890 11.487
Total 1.852.139 106.610 333.565 1.444.781 86.735 190.965

Section 12 – Property, plant and equipment and investment property – item 120

12.1 Property, plant and equipment and investment property: breakdown of assets measured at cost

Assets/amounts 31.12.2012 31.12.2011
A. Assets for functional use    
1.1 Owned 34.996 33.520
a) Land 6.738 6.738
b) Buildings 26.129 24.588
c) Furnishings 757 818
d) Electronic systems 562 538
e) Others 810 838
1.2 Acquired under finance leases 4.244 4.972
a) Land  -  -
b) Buildings 4.244 4.972
c) Furnishings  -  -
d) Electronic systems  -  -
e) Others  -  -
Total A 39.240 38.492
B. Investment property  
2.1 Owned 732 732
a) Land  -  -
b) Buildings 732 732
2.2 Acquired under finance leases  -  -
a) Land  -  -
b) Buildings  -  -
Total B 732 732
Total(A+B) 39.972 39.224
 

The property classified under property, plant and equipment and investment property mainly includes: the important historical building Villa Marocco, located in Mestre (Venice) and housing Banca IFIS’s registered office, and the property in Mestre (Venice), partly sub-leased to the parent company La Scogliera S.p.A.

The carrying amount of the property above has been confirmed by experts specialising in the appraisal of luxury property.

The former Toscana Finanza's head office in Florence, which was acquired under a finance lease, was recognised at 4.244 thousand Euro. Following the company's merger, it is now the headquarter of the non-performing loans (NPL) division.

Some property of minor value is also recognised.

12.2 Property, plant and equipment and investment property: breakdown of assets measured at fair value or revalued

There were no property, plant and equipment and investment property valued at fair value or revalued.

12.3 Property, plant and equipment for functional use: annual changes

  Land Buildings Furnishings Electronic systems Others Total
31.12.2012
A. Gross opening balances 6.738 30.771 3.881 3.277 1.852 46.519
A.1 Total impairment losses - 1.211 3.062 2.743 1.011 8.027
A.2 Net opening balance 6.738 29.560 819 534 841 38.492
B. Increases - 1.053 321 536 314 2.224
B.1 Purchases - 1.053 321 536 314 2.224
B.2 Capitalised improvement expenses - - - - - -
B.3 Reversals of impairment losses - - - - - -
B.4 Fair value gains taken to: - - - - - -
a) Equity - - - - - -
b) Income statement - - - - - -
B.5 Exchange gains - - - - - -
B.6 Transfers from investment property - - - - - -
B.7 Other increases
C. Reductions - 240 383 508 345 1.476
C.1 Sales - - 14 53 53 120
C.2 Depreciation - 240 369 455 292 1.356
C.3 Impairment losses taken to: - - - - - -
a) Equity - - - - - -
b) Income statement - - - - - -
C.4 Fair value losses taken to: - - - - - -
a) Equity - - - - - -
b) Income statement - - - - - -
C.5 Exchange losses - - - - - -
C.6 Transfers to - - - - - -
a) Investment property - - - - - -
b) Assets under disposal - - - - - -
C.7 Other reductions - - - - - -
D. Net closing balance 6.738 30.373 757 562 810 39.240
D.1 Total net impairment losses - 1.451 3.326 3.250 1.040 9.067
D.2 Gross closing balances 6.738 31.824 4.083 3.812 1.850 48.307
E. Measurement at cost 6.738 31.824 4.083 3.812 1.850 48.307
 

Property, plant and equipment for functional use are measured at cost and are depreciated at constant rates throughout their useful life, with the exclusion of land with an indefinite useful life and the ‘Villa Marocco’ property, whose residual value at the end of its useful life is expected to be higher than its carrying amount.

Property, plant and equipment still not functioning at the reporting date are not depreciated.  

12.4 Investment property: annual changes

  31.12.2012
Land Buildings
A. Gross opening balance - 732
B. Increases - -
B.1 Purchases - -
B.2 Capitalised improvement expenses - -
B.3 Fair value gains: - -
B.4 Reversals of impairment losses - -
B.5 Exchange gains - -
B.6 Transfers from property for functional use - -
B.7 Other increases - -
C. Reductions - -
C.1 Sales - -
C.2 Depreciation - -
C.3 Fair value losses - -
C.4 Impairment losses - -
C.5 Exchange losses - -
C.6 Transfers to other asset portfolios: - -
a) Assets for functional use - -
b) Non-current assets under disposal - -
C.7 Other reductions - -
D. Closing balance - 732
E. Measurement at fair value - 732
 

Property held for investment purposes refers to leased property. This property is not amortised as it is destined for sale.

Section 13 – Intangible assets – item 130

13.1 Intangible assets: breakdown by asset type

Assets/amounts 31.12.2012 31.12.2011
Finite life Indefinite life Finite life Indefinite life
A.1 Goodwill: X 850 X 792
A.1.1 Attributable to owners of the parent company X 850 X 792
A.1.2 Non-controlling interests X X
A.2 Other intangible assets 4.833 - 5.304 -
A.2.1 Assets measured at cost: 4.833 - 5.304 -
a)Internally generated intangible assets  -  -  -  -
b)Other assets 4.833 5.304
A.2.2 Assets measured at fair value: - - - -
a)Internally generated intangible assets  -  -  -  -
b)Other assets  -  -  -  -
Total 4.833 850 5.304 792
   

Goodwill, equal to 850 thousand Euro, arises from the line-by-line consolidation process of the polish subsidiary IFIS Finance Sp. Z o.o.

The abovementioned goodwill was tested for impairment in accordance with IAS 36 (Impairment Test). To do so, goodwill was allocated to the cash-generating unit corresponding to the whole company IFIS Finance, as it represents an autonomous business segment which cannot be further broken down. The test was carried out by applying the value in use method based on the projection of expected cash flows for an explicit period of 5 years. Expected cash flows were discounted based on the estimated cost of the company’s share capital calculated using the Capital Asset Pricing Model. Expected cash flows were estimated based on the 2013-2015 business plan approved by the Board of Directors on 21 January 2013, while financial projections are based on the subsidiary’s average growth trends. The terminal value was calculated assuming that the last net cash flow in the explicit planning period is replicable. The impairment test did not reveal any impairment losses to be recognised in profit or loss.

Finally, goodwill underwent a sensitivity analysis based on the cost of capital, using a fluctuation range equal to 5%: the test carried out with the control method confirmed the reliability of the recognised value.

The change in the value of goodwill compared to the previous year is attributable to the impact of changes in year-end exchange rates.

Other intangible assets at 31 December 2012 refer to software purchase and development for 4.569 thousand Euro, amortised on a straight-line basis over their estimated useful life, which is 5 years from their deployment.

Intangible assets also include 260 thousand Euro of residual value of the costs incurred for setting up the 5-year revolving securitisation, as described below. The future economic benefits of this transaction will arise from the opportunity for the Bank to secure financial resources at costs lower than those offered on the interbank market.

13.2 Attività immateriali: variazioni annue

  Goodwill Other internally generated intangible assets Other intangible assets Total
31.12.2012
Finite Indef. Finite Indef.
A. Opening balance 792 - - 5.304 - 6.096
A.1 Total impairment losses - - - - - -
A.2 Net opening balance 792 - - 5.304 - 6.096
B. Increases 58 - - 1.402 - 1.460
B.1 Purchases - - - 1.402 - 1.402
B.2 Increases in internally generated intangible assets X - - - - -
B.3 Reversals of impairment losses X - - - - -
B.4 Fair value gains: - - - - - -
- Equity X - - - - -
- Income statement X - - - - -
B.5 Exchange gains 58 - - - - 58
B.6 Other increases -     -   -
C. Reductions - - 1.873 - 1.873
C.1 Sales - - - - - -
C.2 Impairment losses and amortisation: - - - 1.873 - 1.873
- Amortisation X     1.873 - 1.873
- Impairment losses - - - - - -
Equity X - - - - -
Income statement - - - - - -
C.3 Fair value losses - - - - - -
- Equity X - - - - -
- Income statement X - - - - -
C.4 Transfer to non-current assets under disposal - - - - - -
C.5 Exchange losses - - - - - -
C.6 Other reductions - - - -
D. Net closing balance 850 - - 4.833 - 5.683
D.1 Total net amortisation, impairment losses and reversals of impairment losses - - - - - -
E. Gross closing balance 850 - - 4.833 - 5.683
F. Measurement at cost - - - - - -
Key Finite: a set duration Indef: indefinite duration Purchases of 1.330 thousand Euro refer to investments for the enhancement of IT systems.

Section 14 – Tax assets and liabilities – item 140 of assets and 80 of liabilities

14.1 Advance tax assets: composition

The main areas of advance tax assets are set out below.

Deferred tax assets 31.12.2012 31.12.2011
Due from customers 23.626 13.065
Available for sale securities - 18.395
Others 1.010 964
Total 24.636 32.424

Advance tax assets at 31 December 2012 largely refer to impairment losses on receivables which can be deducted in the next years (23.626 thousand Euro).

14.2 Deferred tax liabilities: composition

The main areas of deferred tax liabilities are shown below.

Deferred tax liabilities 31.12.2012 31.12.2011
Due from customers 8.174 6.900
Property, plant and equipment and investment property 2.627 2.627
Available for sale securities 2.470 9
Others 37 31
Total 13.308 9.567

Deferred tax liabilities at 31 December 2012 refer for 7.326 thousand Euro to the measurement of tax receivables of the former subsidiary Fast Finance S.p.A. recognised upon business combination.

14.3 Changes in advance tax assets (recognised in profit or loss)

  31.12.2012 31.12.2011
1. Opening balance 14.027 7.251
2. Increases 11.797 12.648
2.1 Deferred tax assets recognised in the current year 9.872 8.175
a) Relative to previous years - -
b) due to the change in accounting standards - -
c) Reversals of impairment losses - -
d) Other 9.872 8.175
2.2 New taxes or increases in tax rates - -
2.3 Other increases 1.925 4.473
3. Decreases 1.243 5.872
3.1 Deferred tax assets reversed during the year 695 5.872
a) reversals 695 5.872
b) impairment losses due to unrecoverability - -
c) due to change in accounting standard - -
d) Other - -
3.2 Reductions in tax rates - -
3.3 Other reductions 548 -
a) transformation in tax credits pursuant to Law 214/2011 - -
b) others 548 -
4. Closing balance 24.581 14.027

The increase on 31 December 2011 of advance tax assets recognised in profit or loss is mainly due to impairment losses on receivables which can be deducted in the next years.

14.4 Changes in deferred tax liabilities (recognised in profit or loss)

  31.12.2012 31.12.2011
1. Opening balance 9.558 3.897
2. Increases 1.957 6.721
2.1 Deferred tax liabilities recognised in the year 37 1.179
a) Relative to previous years - -
b) due to the change in accounting standards - -
c) other 37 1.179
2.2 New taxes or increases in tax rates - -
2.3 Other increases 1.920 5.542
3. Decreases 680 1.060
3.1 Deferred tax liabilities reversed during the year 680 1.060
a) reversals 680 1.060
b) due to the change in accounting standards - -
c) other - -
3.2 Reductions in tax rates - -
3.3 Other reductions - -
4. Closing balance 10.838 9.558
 

14.5 Changes in advance tax assets (recognised in equity) 

  31.12.2012 31.12.2011
1. Opening balance 18.397 2.680
2. Increases - 15.768
2.1 Deferred tax assets recognised in the year - 15.766
a) Relative to previous years - 109
b) due to the change in accounting standards - -
c) other - 15.657
2.2 New taxes or increases in tax rates - -
2.3 Other increases - 2
3. Decreases 18.342 51
3.1 Deferred tax assets reversed during the year 18.341 51
a) reversals 18.341 51
b) impairment losses due to unrecoverability - -
c) due to change in accounting standards - -
d) Other - -
3.2 Reductions in tax rates - -
3.3 Other reductions 1 -
4. Closing balance 55 18.397

The reduction on 31 December 2011 of advance tax assets recognised in equity mainly refers to the decrease of the latent loss related to the fair value measurement of available for sale financial assets.

14.6 Changes in deferred tax liabilities (recognised in equity)

  31.12.2012 31.12.2011
1. Opening balance 9 -
2. Increases 2.461 9
2.1 Deferred tax liabilities recognised in the year 2.461 9
a) Relative to previous years - -
b) Due to the change in accounting standards - -
c) Other 2.461 9
2.2 New taxes or increases in tax rates - -
2.3 Other increases - -
3. Decreases - -
3.1 Deferred tax liabilities reversed during the year - -
a) Reversals - -
b) Due to the change in accounting standards - -
c) Other - -
3.2 Reductions in tax rates - -
3.3 Other reductions - -
4. Closing balance 2.470 9

The increase on 31 December 2011 of deferred tax liabilities recognised in equity mainly refers to the latent gain related to the fair value measurement of available for sale financial assets.

Section 16 – Other assets - item 160 

16.1 Other assets: composition

  31.12.2012 31.12.2011
Receivables from securitisation transactions 95.008 95.456
Prepayments and accrued income 8.791 10.631
Guarantee deposits 759 382
Tax receivables 458 1.665
Other items 14.984 3.473
Total 120.000 111.607

Receivables from securitisation transactions arise from the fact that securitisation transactions described in Part E – Section 3, Liquidity Risks of these Notes were not derecognised, in compliance with IAS 39. These amounts correspond to the funds available to the vehicles arising from the receipts of receivables which have been resold and not yet paid to the originator, on the basis of the technical characteristics of the transaction.

Accrued income and deferred expenses refer for 4.163 thousand Euro to prepaid interests in favour of customers with a fixed-term rendimax account.

Receivables due from the Tax Office refer for 423 thousand Euro to the provisional amounts enrolled on the tax register in relation to the ongoing dispute concerning the verification notice for the year 2004. Following the ruling of the court of second instance, which was favourable to the Bank, the Revenue Agency will return said amounts, as commented on in detail in the section on Provisions for risks and charges in these Notes.

Gruppo Banca IFIS
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