At 31 December 2010 total funding stood at 2,554,468 thousand Euro, up by 44.3% compared to 31 December 2009.

Following the success of the online Rendimax savings account, funding from customers accounted for 52.2% of total funding, compared to 51.4% at 31 December 2009, while the incidence of interbank funding fell from 38.9% at 31 December 2009 to 15.8% at 31 December 2010. In addition, repurchase agreement transactions were undertaken both with the main Italian and European banking counterparties and on the MTS (the electronic Italian Government Bonds Market) platform of the Italian Stock Exchange with underlying Government bonds, and finally with Eurosystem. Funding from repurchase agreement transactions at 31 December 2010 accounted for 32% of all funding compared to 9.7% at 31 December 2009.

In detail, due to banks amounted to 752,457 thousand Euro (-10.5% compared to December 2009) and are composed of:

- interbank deposits for 402,622 thousand Euro (-39.8% compared to the end of 2009), of which 284,000 thousand Euro regulated on the e-Mid platform (-33.7% compared to 31 December 2009).

- funding from repurchase agreement transactions for 349,835 thousand Euro (+103.7% compared to the end of 2009), of which 150,000 with the Eurosystem. To this aim, both securities obtained from the securitisation of trade receivables started in October 2008 and the securities included amongst available for sale financial assets and due from banks were used.

Due to customers totalled 1,802,011 thousand Euro (+98.1% compared to 31 December 2009) and refer mainly to funding from the on-line Rendimax Savings Account. The item also includes 468,024 thousand Euro for funding arising from repurchase agreement transactions with underlying Government bonds and the Cassa di Compensazione e Garanzia as counterparty.