“Securities” amounted to € 100,772 thousand at December 31 2010, up from € 83,051 thousand at December 31 2009 and refer mainly to investments in private equity funds. These funds were measured at fair value recognizing to the fair value reserve an amount, net of tax, of € 15,493 thousand (€ 6,619 thousand at December 31 2009). At December 31 2010 the remaining commitment for investment in private equity funds stood at € 25 million.