2011 was the year in which we showed we were able to overcome the problems arising from the economic, financial and political scenario: deterioration of credit quality, recession, the sovereign debt crisis. Despite all this, in 2011 Banca IFIS has recorded the best results in its history, and is now preparing for the future, thinking about businesses, savers and households.

We are well aware of the day-to-day problems businesses face. We invite owners of healthy companies, believing in the value of their own work and generating quality trade receivables, to place their trust in Banca IFIS: together we will find the best solution to support their operations and allow them to continue to do business and build their future.

The response from savers and households to rendimax has been fantastic, and deeply changed the Bank. Before rendimax, we were limited to the interbank market, which in recent years has lost its momentum, but now the liquidity of our savings account allows us to guarantee businesses and the real economy all possible support. It is an unimaginable change in terms of size and speed. Presence on social networks has shown investors what we offer, prompting conversation, and enabled us to listen to the market needs, giving substance to our new products such as rendimax like, which has driven all the funding activity also in the first few months of 2012.

We have always believed in the Euro and in the working spirit of Italy. Today, with over 4 billion Euro invested in Italian government bonds, we are one of the most important banks in terms of acquired portfolio, even in relation to our size. The profits we will receive from this activity in the coming years, once taxes have been paid, will strengthen the Bank's equity and will therefore go back into the real economy.

2012 has got off to the best possible start, with great results already. We are laying the foundations for strong growth in lending to businesses, supported by the liquidity we are collecting every day and our growing equity. Credit quality must be monitored because problems are all still on the table, but we know that there is a system of healthy companies which is growing and needs to be supported. Our commitment is to work with businesses to enhance the necessary trust in the system. We know that such difficult years can undermine the capacity of an economy and of the people to project themselves into a positive future. We believe that it is our duty to be present and effective in helping businesses, the economy and the people who are working, to look to the future peacefully and with optimism.