It is the segment specialised in purchasing tax receivables arising from insolvency proceedings; it operates under the Fast Finance brand and offers to buy both accrued and accruing tax receivables on which repayment has already been requested or which shall be requested in the future, and that arose during insolvency proceedings or in prior years. As a complement to its core business, this segment seldom acquires also trade receivables from insolvency proceedings.

INCOME STATEMENT DATA

(in thousands of Euro)
31.12.201631.12.2015CHANGE
   ABSOLUTE%
Net interest income13.99820.307(6.309)(31,1)%
Net commission income(8)28(36)(128,6)%
Net banking income13.99020.335(6.345)(31,2)%
Net impairment losses/reversals on receivables(371)(412)41(10,0)%
Net profit (loss) from financial activities13.61919.923(6.304)(31,6)%

QUARTERLY INCOME STATEMENT DATA
(in thousands of Euro)
4th Q. 20164th Q. 2015CHANGE
   ABSOLUTE%
Net interest income3,1298,827(5,698)(64.6)%
Net commission income(3)1(4)(400.0)%
Net banking income3,1268,828(5,702)(64.6)%
Net impairment losses/reversals on receivables(102)(286)184(64.3)%
Net profit (loss) from financial activities3,0248,542(5,518)(64.6)%
 

Net banking income is generated by the interest accrued according to the amortised cost method and funding costs allocated to the segment.

The net banking income of the Tax Receivables segment amounted to 14,0 million Euro, down 31,2% from 20,3 million Euro at 31 December 2015. However, the prior-year figure included the impact of a single transaction that resulted in a 5,2 million Euro gain in the fourth quarter of 2015.

STATEMENT OF FINANCIAL POSITION
(in thousands of Euro)
31.12.201631.12.2015CHANGE
   ABSOLUTE%
Bad loans5-5n.a.
Unlikely to pay194-194n.a.
Past due loans----
Total net non-performing exposures to customers199-199n.a.
Net performing loans124,498130,663(6,165)(4.7)%
Total on-balance-sheet loans to customers124,697130,663(5,966)(4.6)%
 

Since the Public Administration is the counterparty, tax receivables are classified as performing; trade receivables, on the other hand, are classified as non-performing exposures, if required.

KPI31.12.201631.12.2015CHANGE
   ABSOLUTE%
Nominal amount of receivables managed172,145190,553(18,408)(9.7)%
Total RWA per segment50,00441,6148,39020.2%

TAX RECEIVABLES PERFORMANCE(in thousands of Euro)
  
Receivables portfolio at 31.12.2015130,690
Purchases63,599
Interest income from amortised cost8,951
Other components of net interest income from change in cash flow6,352
Impairment losses/reversals from change in cash flow(371)
Collections(84,524)
Receivables portfolio at 31.12.2016124,697
 

During the period, the sector collected 84,5 million Euro and purchased 63,6 million Euro worth of receivables.

With these purchases, the segment's portfolio comprises 1.369 positions, for a par value of 172,1 million Euro and a value at amortised cost of 124,7 million Euro at 31 December 2016.