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Financial assets held for trading | 12 Months Ended
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Dec. 31, 2017
Financial Assets Held For Trading |
Disclosure of financial assets held for trading [text block] | 9 Financial assets held for trading
(€ million) |  | December 31, 2017 |  | December 31, 2016
Quoted bonds issued by sovereign states |  |  | 1,022 |  |  |  | 996 |
Other |  |  | 4,990 |  |  |  | 5,170 |
|  |  | 6,012 |  |  |  | 6,166 |
Financial assets held for trading of  €6,012 million (€6,166 million at December 31, 2016) related to Eni SpA for €5,793 million (€6,062 million at December 31, 2016) and to Eni Insurance DAC for €219 million (€104 million at December 31, 2016).
| _____________ |
| (23) | The clarification of the scope of the IFRS 12 “Disclosure of Interests in Other Entities” has been applied from January 1, 2017. |
The Company has established a liquidity reserve as part of its internal targets and financial strategy with a view of ensuring an adequate level of flexibility to the Group development plans and of coping with unexpected fund requirements or difficulties in accessing financial markets. The management of this liquidity reserve is performed through trading activities in view of the financial optimization of returns, within a predefined and authorized level of risk tolerance, targeting the preservation of the invested capital and the ability to promptly convert it into cash. Financial assets held for trading of Eni SpA include securities subject to lending agreements of €845 million (€665 million at December 31, 2016). The breakdown by currency is provided below:
(€ million) |  | December 31, 2017 |  | December 31, 2016
Euro |  |  | 4,232 |  |  |  | 4,319 |
U.S. dollar |  |  | 1,025 |  |  |  | 699 |
Swiss franc |  |  | 461 |  |  |  | 413 |
British pound |  |  | 198 |  |  |  | 632 |
Australian dollar |  |  | 79 |  |  |  | 51 |
Canadian dollar |  |  | 17 |  |  |  | 52 |
|  |  | 6,012 |  |  |  | 6,166 |
The breakdown by issuing entity and credit rating is presented below:
|  | Nominal value (€ million) |  | Fair Value (€ million) |  | Rating – Moody’s |  | Rating – S&P
Quoted bonds issued by sovereign states |  |  |  |  |  |  |  |  |  |  |  |
Fixed rate bonds |  |  |  |  |  |  |  |  |  |  |  |
Italy |  |  | 478 |  |  |  | 477 |  |  | Baa2 |  | BBB
Poland |  |  | 53 |  |  |  | 52 |  |  | A2 |  | BBB+
United States of America |  |  | 53 |  |  |  | 45 |  |  | Aaa |  | AA+
Spain |  |  | 45 |  |  |  | 41 |  |  | Baa2 |  | BBB+
Slovenia |  |  | 33 |  |  |  | 34 |  |  | Baa1 |  | A+
Japan |  |  | 25 |  |  |  | 21 |  |  | A1 |  | A+
Ireland |  |  | 10 |  |  |  | 10 |  |  | A2 |  | A+
Canada |  |  | 11 |  |  |  | 9 |  |  | Aaa |  | AAA
Chile |  |  | 8 |  |  |  | 9 |  |  | Aa3 |  | A+
Slovakia |  |  | 5 |  |  |  | 4 |  |  | A2 |  | A+
Sweden |  |  | 4 |  |  |  | 4 |  |  | Aaa |  | AAA
Netherlands |  |  | 2 |  |  |  | 2 |  |  | Aaa |  | AAA
South Korea |  |  | 1 |  |  |  | 1 |  |  | Aa2 |  | AA
|  |  | 728 |  |  |  | 709 |  |  |  |  |
Floating rate bonds |  |  |  |  |  |  |  |  |  |  |  |
Italy |  |  | 300 |  |  |  | 304 |  |  | Baa2 |  | BBB
Belgium |  |  | 7 |  |  |  | 7 |  |  | Aa3 |  | AA
United States of America |  |  | 2 |  |  |  | 2 |  |  | Aaa |  | AA+
|  |  | 309 |  |  |  | 313 |  |  |  |  |
Total quoted bonds issued by sovereign states |  |  | 1,037 |  |  |  | 1,022 |  |  |  |  |
Other Bonds |  |  |  |  |  |  |  |  |  |  |  |
Fixed rate bonds |  |  |  |  |  |  |  |  |  |  |  |
Quoted bonds issued by industrial companies |  |  | 2,036 |  |  |  | 1,922 |  |  | from Aaa to Baa3 |  | from AAA to BBB-
Quoted bonds issued by financial and insurance companies |  |  | 1,437 |  |  |  | 1,409 |  |  | from Aaa to Baa3 |  | from AAA to BBB-
Quoted bonds issued by supranational institutions |  |  | 28 |  |  |  | 25 |  |  | from Aaa to Aa3 |  | from AAA to AA-
|  |  | 3,501 |  |  |  | 3,356 |  |  |  |  |
Floating rate bonds |  |  |  |  |  |  |  |  |  |  |  |
Quoted bonds issued by financial and insurance companies |  |  | 840 |  |  |  | 842 |  |  | from Aaa to Baa3 |  | from AAA to BBB-
Quoted bonds issued by industrial companies |  |  | 789 |  |  |  | 754 |  |  | from Aaa to Baa3 |  | from AAA to BBB-
Quoted bonds issued by supranational institutions |  |  | 45 |  |  |  | 38 |  |  | from Aaa to Aa3 |  | from AAA to AA-
|  |  | 1,674 |  |  |  | 1,634 |  |  |  |  |
Total other bonds |  |  | 5,175 |  |  |  | 4,990 |  |  |  |  |
Total other financial assets held for trading |  |  | 6,212 |  |  |  | 6,012 |  |  |  |  |
The fair value hierarchy is level 1 for €5,140 million and level 2 for €872 million. During 2017, there were no transfers between the different hierarchy levels of fair value.

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