(10) Net result from investments

The net result from investments includes capital gains of € 130 m on the sale of shares in Investkredit Bank AG, Vienna, and the capital gain of € 124 m realised in connection with the acquisition of Banca Comerciala “Ion Tiriac” on the sale of 50% less one share in HVB Bank Romania S.A., Bucharest. Also included in this item were impairment losses.