Investments in securities
Securities trading reached a significant volume: the Bank seized all the opportunities that arose towards the end of 2011 and throughout 2012.
Exclusively Italian government bonds were purchased, at fixed rate for short-term bonds and at floating rate for medium-term ones. Currently the portfolio's average return is decent relative to refinancing costs. At the end of the year, the portfolio's total book value was 5.243,5 million Euro, 97.4% of which composed of Italian government bonds and the rest of previously purchased bank bonds near maturity. At 31 December 2012, 35,6% of the portfolio would mature within 12 months, and as a whole within 5 years.