Financial assets held for trading

12 Months Ended

Dec. 31, 2018

Disclosure Of Financial Assets Held For Trading [Abstract]

Disclosure of financial assets held for trading [text block]

6 Financial assets held for trading

(€ million)	December 31, 2018		December 31, 2017
Quoted bonds issued by sovereign states		1,083		1,022
Other		5,469		4,990
		6,552		6,012

From January 1, 2018, financial assets

held by the Group captive insurance company Insurance DAC

of €207 million, previously

classified as available for sale, have been classified as held for trading in accordance to the provisions of IFRS 9 on the base of the conditions existing at the adoption date.

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

€1,301

million (€845 million at December 31, 2017).

The breakdown by currency is provided below:

(€ million)	December 31, 2018		December 31, 2017
Euro		4,573		4,232
U.S. dollars		1,614		1,025
Other currencies		365		755
		6,552		6,012

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		523		529		Baa3		BBB
Other (*)		336		349		from Aaa to Baa3		from AAA to BBB-
		859		878
Floating rate bonds
Italy		130		129		Baa3		BBB
Other (*)		86		76		from Aaa to Baa3		from AAA to BBB-
		216		205
Total quoted bonds issued by sovereign states		1,075		1,083
Other Bonds
Fixed rate bonds
Quoted bonds issued by industrial companies		1,628		1,581		from Aa2 to Baa3		from AA to BBB-
Quoted bonds issued by financial and insurance companies		1,270		1,269		from Aaa to Baa3		from AAA to BBB-
Other		51		48		from A1 to Baa3		from A+ to BBB-
		2,949		2,898
Floating rate bonds
Quoted bonds issued by financial and insurance companies		1,562		1,453		from Aaa to Baa3		from AAA to BBB-
Quoted bonds issued by industrial companies		987		976		from Aa2 to Baa2		from AA to BBB
Other		158		142		from Aa3 to Baa3		from AA- to BBB-
		2,707		2,571
Total other bonds		5,656		5,469
Total other financial assets held for trading		6,731		6,552

(*)

Individual amounts

included herein are lower than €50 million.

The fair value hierarchy is level

for

€6,362

million and level

for

€190

million. During

2018

, there were no transfers between the different hierarchy levels of fair value.