Debt & ratings
Liabilities are split into two categories: liabilities linked to operating activities (consolidated financial liabilities related to specific balance sheet items) and liabilities linked to financing activities (including the other consolidated financial liabilities).
|Liabilities linked to operating activities||38,747||36,787|
|Liabilities linked to financing activities||12,669||13,117|
|Other non subordinated liabilities linked to financing activities||526||482|
The weighted average cost of liabilities linked to financing activities at 31 December 2016 amounted to 5.67%, similar to the 5.65% at 31 December 2015 and the 5.68% at 30 September 2016.
Average cost & maturity of financial debt (%)
|Average maturity (years)||6.72||6.68|
Total financial debt
(1) The amount of financial debt as of 2015 December, 31, includes the subordinated bond issued in October 2015, for a nominal amount of Euro 1.25 bn, to refinance 2016 callable hybrid bonds
(2) The amount of financial debt as of 2016 December, 31, includes the subordinated bond issued in June 2016, for a nominal amount of Euro 850 m, to refinance 2017 callable hybrid bond