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Financial assets held for trading
 12 Months Ended
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.