NON-OPERATING RESULT

The non-operating result of the Group improved to € -1,318 million (€ -1.464 million at 31 December 2014). More specifically:

  • the net impairment losses amounted to € -503 million, sharply down from the € -813 million at 31 December 2014. This trend reflected lower impairments on equities and real estate investments; during the fourth quarter of 2015, the Btg Pactual shares, received from the agreements related to the sale of BSI, were impaired for about € 110 million, due to performance of the reference market;
  • net realized gains decreased, standing at € 758 million (€ 874 at 31 December 2014) due to the low- Fourth quarter 2014uarter 2015 er realized gains from government bond portfolios. In 2015, especially in the fourth quarter, there were higher net realized gains in the real estate sector; 
  • net non-operating income from financial instruments at fair value through profit or loss amounted to € -96 million (€ -263 million at 31 December 2014), due to the improved performance of certain financial markets compared to the same period of the previous year;
  • other non-operating income and expenses amounted to € -712 million (€ -441 million at 31 December 2014). This item comprised € -142 million for the amortization of the value of acquired portfolios (€ -139 at 31 December 2014), € -269 million for restructuring costs (€ -182 at 31 December 2014),including charges of about € 100 million linked to the strategic repositioning in the German market, recorded in the first six months of 2015, and € -302 million in other non-recurring provisions (€ -120 million at 31 December 2014), that mainly includes the increased in the risk provisions for the first half of 2015;
  • non-operating holding expenses composed of interest expenses on financial liabilities and holding expenses that are considered as non-operating, decreased at € -764 million (€ -819 at 31 December 2014), following the reduction of interest expenses on financial debt due to the debt optimisation measures performed by the Group during 2014.