EX-1 2 u10805exv1.htm EX-1 exv1
Exhibit 1
Amendment dated March 11, 2011
Explanatory Note
          The information included herein replaces certain specified information about the Republic of Italy contained in Exhibit 1, Description of The Republic of Italy (the “Original Exhibit”), to the Republic’s Annual Report on Form 18-K for the fiscal year ended December 31, 2009. To the extent that the information included herein differs from the information set forth in the Original Exhibit, you should rely on the information included herein.
Summary Information — 2010 Developments
          At page 8 of the Original Exhibit, the phrases “Consumer prices, as measured by the harmonized EU consumer price index, increased at an annual rate of 1.5 per cent during the twelve months ended December 31, 2009, compared to a 2.4 per cent increase during the twelve months ended December 31, 2008. Consumer prices, as measured by the harmonized EU consumer price index, increased at an annual rate of 1.9 per cent during the twelve months ended December 31, 2010” are replaced in their entirety by “Consumer prices, as measured by the harmonized EU consumer price index (HICP), increased at an annual rate of 0.8 per cent during the twelve months ended December 31, 2009, compared to a 3.5 per cent increase during the twelve months ended December 31, 2008. The HICP index increased at an annual rate of 1.6 per cent during the twelve months ended December 31, 2010”.
The Italian Economy — 2010 Developments
          At page 19 of the Original Exhibit, the phrase “Consumer prices, as measured by the harmonized EU consumer price index, increased at an annual rate of 1.5 per cent during the twelve months ended December 31, 2009, compared to a 2.4 per cent increase during the twelve months ended December 31, 2008” is replaced in its entirety by “Consumer prices, as measured by the harmonized EU consumer price index (HICP), increased at an annual rate of 0.8 per cent during the twelve months ended December 31, 2009, compared to a 3.5 per cent increase during the twelve months ended December 31, 2008. The HICP index increased at an annual rate of 1.6 per cent during the twelve months ended December 31, 2010”.
Monetary System — Credit Allocation
          At page 50 of the Original Exhibit, the phrase “During 2008, lending activity decreased to -0.7 per cent, from a 5.8 per cent growth in 2008” is replaced in its entirety by “During 2009, lending activity decreased by 0.7 per cent, compared to a 5.8 per cent growth in 2008”.

 

 

The External Sector of the Economy — Foreign Trade
          At page 52 of the Original Exhibit, the “Foreign Trade” table is replaced in its entirety by the following table.
Foreign Trade
                         
    2007     2008     2009  
    (euro in millions)  
Exports (fob)
                        
Agriculture, forestry and fishing
     4,992       5,354       4,555  
Extractive industries
     1,312       1,707       1,061  
Manufactured products
     348,383       350,599       277,091  
Food, beverage and tobacco products
     19,166       20,907       19,967  
Textiles, leather products, clothing, accessories
     42,308       40,912       33,127  
Wood, wood products, paper, printing
     7,341       7,136       6,167  
Coke and refined oil products
     13,142       15,440       9,389  
Chemical substances and products
     22,341       22,217       17,858  
Pharmaceutical, chemical-medical, botanical products
     11,986       11,938       12,281  
Rubber, plastic, non-metallic mineral products
     23,279       22,435       18,143  
Base metal, metal (non-machine) products
     44,465       45,342       32,239  
Computers, electronic and optical devices
     12,396       11,355       9,591  
Electrical equipment
     21,780       21,839       17,183  
Machines and other non-classified products
     68,776       71,024       55,035  
Transportation means
     39,962       39,422       29,525  
Products from other manufacturing activities
     21,441       20,633       16,586  
Electrical energy, gas, steam, air conditioning
     113       366       437  
Products from waste treatment and recycling
     1,115       1,134       856  
 
                  
Other products
     8,829       9,856       7,548  
 
                  
 
                        
 
                  
Total exports
     364,744       369,016       291,549  
 
                  
 
                        
Imports (cif)
                        
Agriculture, forestry and fishing
     10,409       10,874       9,609  
Extractive industries
     54,252       68,882       44,865  
Manufactured products
     295,226       287,887       230,432  
Food, beverage and tobacco products
     23,495       24,343       22,601  
Textiles, leather products, clothing, accessories
     25,524       24,718       21,846  
Wood, wood products, paper, printing
     10,810       9,897       7,941  
Coke and refined oil products
     6,941       8,442       5,751  
Chemical substances and products
     33,431       32,196       25,788  
Pharmaceutical, chemical-medical, botanical products
     14,288       14,666       16,254  
Rubber, plastic, non-metallic mineral products
     11,305       10,999       9,365  
Base metal, metal (non-machine) products
     47,399       44,407       24,758  
Computers, electronic and optical devices
     25,687       24,648       22,667  
Electrical equipment
     12,491       12,689       10,451  
Machines and other non-classified products
     27,122       26,806       18,909  
Transportation means
     46,767       44,316       35,176  
Products from other manufacturing activities
     9,967       9,762       8,885  
Electrical energy, gas, steam, air conditioning
     2,170       2,284       2,864  
Products from waste treatment and recycling
     3,617       4,056       2,053  
Other products
     7,667       8,067       7,102  
 
                        
Total imports
     373,340       382,050       296,926  
 
                  
 
                        
Trade balance
     (8,596 )     (13,034 )     (5,377 )
 
                  
 
Source: Annual Report of the Bank of Italy (May 2010) for the year ended December 31, 2009.

2

 

Public Debt — General
          At page 92 of the Original Exhibit, the “Total Treasury Issues” table is replaced in its entirety by the following table.
Total Treasury Issues
                         
    June 30, 2009     Sept 30, 2009     Dec 31, 2009  
    (euro in millions)  
Short-term bonds (BOT)
     175,050       167,976       140,096  
Medium-and long-term bonds (initially issued in Italy)
     1,189,738       1,241,076       1,236,446  
External bonds (initially issued outside Italy)(1)
     61,394       59,323       60,058  
Total Treasury issues
     1,426,182       1,468,375       1,436,599  
 
(1)   Italy ordinarily enters into currency swap agreements in the ordinary course of the management of its debt. The total amount of external bonds shown above takes into account the effect of these arrangements and it is not directly comparable to the total amount of external bonds indicated in the table “External Bonds of the Treasury as of December 31, 2009”, which does not take into account: (i) the effect of currency swaps and (ii) the amount of bonds outstanding under Italy’s Commercial Paper Program.
Source: Ministry of Economy and Finance.

3