Banca IFIS, together with the parent company, La Scogliera S.p.A., decided to adopt the consolidated tax regime in accordance with articles 117 ff. of Presidential Decree no. 917/86.

Infragroup transactions were regulated by means of a private deed between the parties, signed in the month of May 2010. This deed is of a three-year validity. Banca IFIS has elected domicile at the office of La Scogliera S.p.A., the consolidating company, for purposes of receiving notices of documents and proceedings relating to the tax periods for which this option has been exercised.

Due to the application of this regime, Banca IFIS’s taxable income is transferred to La Scogliera S.p.A. who is responsible for calculating overall group income. Following the option, at 31 December 2010 Banca IFIS recorded a receivable due to the parent company of 1.368 thousand Euro. 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 entered into between the companies.