Metodología, valoración e identificación de impactos

The following tables show, by type of structured entity, the carrying amounts of the Group’s interests recognized in the consolidat- ed statement of financial position as well as the maximum exposure to loss resulting from these interests. The carrying amounts presented below do not reflect the true variability of returns faced by the Group because they do not take into account the effects of collateral or hedges.

Assets

2014

in € thousand Loans and advances Equity instuments Debt instruments Derivatives

Securitization vehicles 270,214 0 670,325 0

Third party funding entities 159,709 1,841 0 22

Funds 0 26,269 0 0

Liabilities

2014

in € thousand Deposits Equity instuments Debt securities issued Derivatives

Securitization vehicles 25,125 0 0 0

Third party funding entities 72,178 0 0 1,321

Total 97,303 0 0 1,321

Nature, purpose and extent of the Group’s interests in unconsolidated structured entities

The Group engages in various business activities with structured entities which are designed to achieve a specific business pur- pose. A structured entity is one that has been set up so that any voting rights or similar rights are not the dominant factor in decid- ing who controls the entity. An example is when voting rights relate only to administrative tasks and the relevant activities are directed by contractual arrangements.

A structured entity often has some or all of the following features or attributes:  Restricted activities;

 A narrow and well defined objective;

 Insufficient equity to permit the structured entity to finance its activities without subordinated financial support;

 Financing in the form of multiple contractually linked instruments to investors that create concentrations of credit or other risks (tranches).

The principal uses of structured entities are to provide clients with access to specific portfolios of assets and to provide market liquidity for clients through securitizing financial assets. Structured entities may be established as corporations, trusts or partner- ships. Structured entities generally finance the purchase of assets by issuing debt and equity securities that are collateralized by and/or indexed to the assets held by the structured entities.

Structured entities are consolidated when the substance of the relationship between the Group and the structured entities indicate that the structured entities are controlled by the Group.

Below is a description of the Group’s involvements in unconsolidated structured entities by type. Third party funding entities

The Group provides funding to structured entities that hold a variety of assets. These entities may take the form of funding entities, trusts and private investment companies. The funding is collateralized by the asset in the structured entities. The group’s involvement involves predominantly lending.

Securitization vehicles

The Group establishes securitization vehicles which purchase diversified pools of assets, including fixed income securities, corpo- rate loans, and asset backed securities (predominantly commercial and residential mortgage-backed securities and credit card receivables). The vehicles fund these purchases by issuing multiple tranches of debt and equity securities, the repayment of which is linked to the performance of the assets in the vehicles.

The Group often transfers assets to these securitization vehicles and provide financial support to these entities in the form of liquidi- ty facilities.

Funds

The Group establishes structured entities to accommodate client requirements to hold investments in specific assets. The Group also invests in funds that are sponsored by third parties. A group entity may act as fund manager, custodian or some other capaci- ty and provide funding and liquidity facilities to both group sponsored and third party funds. The funding provided is collateralized by the underlying assets held by the fund.

Maximum exposure to and size of unconsolidated structured entities

The maximum exposure to loss is determined by considering the nature of the interest in the unconsolidated structured entity. The maximum exposure for loans and trading instruments is reflected by their carrying amounts in the consolidated balance sheet. The maximum exposure for derivatives and off balance sheet instruments such as guarantees, liquidity facilities and loan commitments under IFRS 12, as interpreted by the Group, is reflected by the notional amounts. Such amounts do not reflect the economic risks faced by the Group because they do not take into account the effects of collateral or hedges nor the probability of such losses being incurred. At 31 December 2014, the notional related replacement values of derivatives and off balance sheet instruments were € 30,352 thousand and € 136,782 thousand respectively. Size information of Structured Entities is not always publically available therefore the Group has determined that its exposure is an appropriate guide to size.

Financial support

The Group did not provide non-contractual support during the year to unconsolidated structured entities. Sponsored structured entities

As a sponsor, the Group is often involved in the legal set up and marketing of the entity and supports the entity in different ways such as providing operational support to ensure the entity’s continued operation.

The Group is also deemed a sponsor for a structured entity if market participants would reasonably associate the entity with the Group. Additionally, the use of the “Raiffeisen” name for the structured entity often indicates that the Group has acted as a spon- sor.

The gross revenues from sponsored entities for the year ending 31 December 2014 was € 175,103 thousand consisting primarily of management fees earned as Investment Manager of a number of funds.

No assets have been transferred to sponsored unconsolidated structured entities in 2014.