As of 31 December 2011, the Banca IFIS S.p.A. Group remains controlled by La Scogliera S.p.A. and consists of the parent company, Banca IFIS S.p.A., and the wholly-owned subsidiaries IFIS Finance Sp. Z o. o., Fast Finance S.p.A. e TF Sec S.r.l.

The types of related parties, as defined by IAS 24, that are relevant for the Banca IFIS Group include:

- the parent company;

- managers with strategic responsibilities;

- close relatives of managers with strategic responsibilities and the companies controlled by (or associated to) them or their close relatives.

Here follows information on the remuneration of Directors with strategic responsibilities, together with information on transactions undertaken with the different types of related parties.

1. Information on remuneration of managers with strategic responsibilities

The definition of managers with strategic responsibilities, as per IAS 24, includes all subjects that have the power and the responsibility, either direct or indirect, to plan, manage and control Banca IFIS’s activity, including the Bank's directors (executive and non-executive).

In compliance with the provisions of Bank of Italy’s Circular no. 262 of 22 December 2005 (as updated on 18 November 2009), managers with strategic responsibilities also include the members of the Board of Statutory Auditors.

Managers with strategic responsibilities

Short-term employee benefits

Post employment benefits

Other long-term benefits

Termination benefits

Share-based payments

3.595

-

-

38

-

2. Related-party transactions

Items

Parent company

Managers with strategic responsibilities

Other related parties

Total

Due from customers

1.704

-

2.019

3.723

Other assets

-

-

-

-

Total assets

1.704

-

2.019

3.723

Due to customers

-

1.666

13.243

14.909

Total liabilities

3.320

-

-

3.320

Commitments and guarantees granted

3.320

1.666

13.243

18.229

Income

-

-

500

500

Expenses

157

14

99

270

Due from customers

-

14

11

25

Transactions with the parent company relate to:

  • the current account relationship with the parent company, La Scogliera S.p.A. The balance at 31 December 2011 includes receivables of Banca IFIS S.p.A. due from the parent company for 1,704 thousand Euro. Relations with La Scogliera S.p.A. are conducted at market conditions.

  • the lease from Banca IFIS to La Scogliera S.p.A. of part of the building where the Bank maintained its head office until the end of 2005. Pursuant to this contract, Banca IFIS receives annual rental fees of 47 thousand Euro plus VAT. This price is based on market conditions.

  • Banca IFIS, together with the parent company, La Scogliera S.p.A., adopted the group taxation regime (tax consolidation) in accordance with articles 117 et seq of Presidential Decree no. 917/86. Intragroup relations were regulated by means of a private written agreement between the parties, signed in the month of May 2010 and lapsing after three years. Banca IFIS has an address for service of notices of documents and proceedings relating to the tax periods for which this option is exercised at the office of La Scogliera S.p.A., the consolidating company. Under this tax regime, Banca IFIS’s taxable income is transferred to La Scogliera S.p.A., which is responsible for calculating overall group income. Following this decision, at 31 December 2011 Banca IFIS recognised payables due to the parent company for 3,815 thousand Euro under Other liabilities. This amount takes into account the offset of the parent company’s tax losses in accordance with the procedure applicable under both this regime and the specific agreements the companies entered into.

Relations with managers with strategic responsibility relate almost entirely to savings accounts regulated at market conditions; in addition, there is an outstanding sublease contract established at market conditions.

Relations with other related parties are part of Banca IFIS’s ordinary business and the conditions applied are in line with market conditions.