Available for sale financial assets

(€ million) 31.12.2011 31.12.2010
Unquoted equities at cost 317.7 454.6
Equities at fair value 9,803.7 15,182.4
Quoted 8,756.8 14,175.2
Unquoted 1,046.9 1,007.2
Bonds 152,657.2 159,469.8
Quoted 147,575.9 153,290.4
Unquoted 5,081.3 6,179.5
Investment fund units 10,726.1 11,367.4
Other available for sale financial assets 2,144.4 2,454.3
Total 175,649.1 188,928.5

As already mentioned, the available for sale financial assets are measured at fair value and unrealized gains and losses on these assets are accounted for in equity in an appropriate reserve. The amortized cost of the available for sale financial assets amounted to € 186,849.5 million.

Net unrealised gains
31.12.2011
(€ million)
Fair value Unrealized
gains / losses
Amortized cost
Unquoted equities at cost 317.7 0.0 317.7
Equities at fair value 9,803.7 -1,611.9 11,415.7
Bonds 152,657.2 -9,286.5 161,943.7
Investment fund units 10,726.1 -483.6 11,209.7
Other available for sale financial assets 2,144.4 181.6 1,962.8
Total 175,649.1 -11,200.4 186,849.5

This category accounted for 50.7% of the total investments.

In particular, the available for sale bonds represented 71.8% of total bonds and they are mainly fixed interest rate government bonds, with a rating higher than A-. The maturity of this category is shown in the table below.

(€ million) Fair value
31.12.2011
Fair value
31.12.2010
Up to 1 year 9,552.4 9,700.2
Between 1 and 5 years 37,287.6 37,000.0
Between 5 and 10 years 57,454.6 57,517.7
More than 10 years 48,246.9 55,100.0
Perpetual 115.7 151.9
Total 152,657.2 159,469.8

Realized gains and losses and impairment losses on available for sale financial assets are shown in the table below.

Net realised gains and impairment losses
31.12.2011
(€ million) 
Realized gains Realized losses Impairment losses
Equities 1,192.6 -1,084.5 -750.1
Bonds 1,775.1 -916.6 -2,174.5
Investment fund units 204.1 -224.1 -30.7
Other available for sale financial assets 178.9 -21.8 -51.4
Total 3,350.7 -2,247.0 -3,006.6
31.12.2010
(€ million)
Realized gains Realized losses Impairment losses
Equities 1,232.7 -645.8 -503.3
Bonds 1,614.2 -387.5 -0.1
Investment fund units 191.6 -142.2 -44.4
Other available for sale financial assets 37.5 -11.6 -71.8
Total 3,076.0 -1,187.1 -619.6

With reference to the net impairment losses, the impairment loss reecognized in the profit or loss account on the basis of market prices at 31 December 2011 attributable to the Greek sovereign debt classified as financial assets available for sale amounted to € 2,170.9 million. 

As a result of the improvement of methodology in the definition of impairments of equity instruments classified as Financial assets available for sale introduced by th Group following the particular financial environment observed in the second semester of 2011, less impairments were recognised in Profit or Loss, with a positive estimated impact before taxes of about € 251.6 million for the bank sector and a negative impact of about € 24.8  million for the other industry sectors, compared to what would happened in case of the application of general significativity threshold of 50% previously used.

For a detailed explanation of the aforementioned methodological approach, please refer to Part 3 - "Impairment losses on financial instruments" of the Other Information section in the Basis of presentation and accounting principles.

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AFS reserve breakdown96.69 KB