- CREDITI FISCALI
In 2013, Italian banks registered an overall reduction in funding, mainly as a result of lower refinancing operations with the Eurosystem (-14,0% over the 12 months to September 2013) and the protracted decline in wholesale funding (-4,6%) Also retail funding fell slightly (-0,8%); the growth in households' deposits (4,7%) did not offset the reduction in bank bonds (-39 billion Euro), largely due to the higher taxation of interest payments.
In 2013, Banca IFIS continued to access secured lines, relying on a significant and growing pool of Italian government bonds, accepted as collateral by other international banks or, as a last resort, on the Eurosystem, thanks to the loans granted by the ECB.
Since January 2012, the Bank has been holding a portfolio of assets eligible for refinancing operations with the Eurosystem by issuing and repurchasing 138 million Euro in bonds that the Italian Government had guaranteed for a three-year period and 69 million Euro in bonds the Government had guaranteed for a five-year period, paying 1,03% in fees.
In February 2012, Banca IFIS received a three-year 500 million Euro loan at a 0,75% rate (ECB's key interest rate) as part of the second tranche of the LTRO programme, which is yet to be reimbursed.
Funding never showed signs of stress and securities trading generated positive results in terms of profitability, helping to ease retail funding costs. Those are traditionally higher on the online market, where the volatility of deposits not sufficiently remunerative for customers may represent a risk.