<?xml version="1.0" encoding="UTF-8"?>
<!-- Generated by Fujitsu XWand 7.1.0041 -->
<xbrl xmlns="http://www.xbrl.org/2003/instance" xmlns:link="http://www.xbrl.org/2003/linkbase" xmlns:xlink="http://www.w3.org/1999/xlink" xmlns:ff="http://www.xbrl.org/2005/role/restatedLabel" xmlns:ifrs-gp="http://xbrl.iasb.org/int/fr/ifrs/gp/2005-05-15" xmlns:iso4217="http://www.xbrl.org/2003/iso4217" xmlns:ifrs-gp-rol="http://xbrl.iasb.org/int/fr/ifrs/gp/2005-05-15/roles" xmlns:MPS="http://rp.gruppo.mps.it/public/AAA002IJV/internet" xmlns:ifrs-gp-typ="http://xbrl.iasb.org/int/fr/ifrs/gp/2005-05-15/types" xmlns:xsi="http://www.w3.org/2001/XMLSchema-instance">
  <link:schemaRef xlink:type="simple" xlink:arcrole="http://www.w3.org/1999/xlink/properties/linkbase" xlink:href="http://rp.gruppo.mps.it/Public/AAA002IJV/Internet/mps-taxonomy-2005-12-31.xsd"/>
  <link:schemaRef xlink:type="simple" xlink:arcrole="http://www.w3.org/1999/xlink/properties/linkbase" xlink:href="http://xbrl.iasb.org/int/fr/ifrs/gp/2005-05-15/ifrs-gp-2005-05-15.xsd"/>
  <link:schemaRef xlink:type="simple" xlink:arcrole="http://www.w3.org/1999/xlink/properties/linkbase" xlink:href="http://xbrl.iasb.org/int/fr/ifrs/gp/2005-05-15/restatedLabel.xsd"/>
  <link:schemaRef xlink:type="simple" xlink:arcrole="http://www.w3.org/1999/xlink/properties/linkbase" xlink:href="http://xbrl.iasb.org/int/fr/ifrs/gp/2005-05-15/ifrs-gp-roles-2005-05-15.xsd"/>
  <context id="Current_AsOf">
    <entity>
      <identifier scheme="http://www.bancaditalia.it">01030</identifier>
    </entity>
    <period>
      <instant>2006-12-31</instant>
    </period>
    <scenario>
      <MPS:CONSOLIDATO/>
    </scenario>
  </context>
  <context id="Current_ForPeriod">
    <entity>
      <identifier scheme="http://www.bancaditalia.it">01030</identifier>
    </entity>
    <period>
      <startDate>2006-01-01</startDate>
      <endDate>2006-12-31</endDate>
    </period>
    <scenario>
      <MPS:CONSOLIDATO/>
    </scenario>
  </context>
  <context id="Current_Shares">
    <entity>
      <identifier scheme="http://www.bancaditalia.it">01030</identifier>
    </entity>
    <period>
      <startDate>2006-01-01</startDate>
      <endDate>2006-12-31</endDate>
    </period>
    <scenario>
      <MPS:CONSOLIDATO/>
    </scenario>
  </context>
  <unit id="U-Euros">
    <measure>iso4217:EUR</measure>
  </unit>
  <ifrs-gp:CashAndCashEquivalents decimals="0" contextRef="Current_AsOf" unitRef="U-Euros">611979063</ifrs-gp:CashAndCashEquivalents>
  <ifrs-gp:FinancialAssetsHeldForTradingTotal decimals="0" contextRef="Current_AsOf" unitRef="U-Euros">26430327508</ifrs-gp:FinancialAssetsHeldForTradingTotal>
  <ifrs-gp:FinancialAssetsDesignatedAsFairValueThroughProfitOrLossTotal xsi:nil="true" contextRef="Current_AsOf" unitRef="U-Euros"/>
  <ifrs-gp:AvailableForSaleFinancialAssetsTotal decimals="0" contextRef="Current_AsOf" unitRef="U-Euros">4147809464</ifrs-gp:AvailableForSaleFinancialAssetsTotal>
  <ifrs-gp:HeldToMaturityInvestmentsTotal decimals="0" contextRef="Current_AsOf" unitRef="U-Euros">2932</ifrs-gp:HeldToMaturityInvestmentsTotal>
  <ifrs-gp:LoansAndReceivablesTotal decimals="0" contextRef="Current_AsOf" unitRef="U-Euros">103932052331</ifrs-gp:LoansAndReceivablesTotal>
  <ifrs-gp:HedgingAssetsTotal decimals="0" contextRef="Current_AsOf" unitRef="U-Euros">17229111</ifrs-gp:HedgingAssetsTotal>
  <ifrs-gp:AssetRecognisedForFairValueChangesOfHedgedItemInPortfolioHedgeOfInterestRateRisk decimals="0" contextRef="Current_AsOf" unitRef="U-Euros">32620933</ifrs-gp:AssetRecognisedForFairValueChangesOfHedgedItemInPortfolioHedgeOfInterestRateRisk>
  <ifrs-gp:InvestmentSecurities decimals="0" contextRef="Current_AsOf" unitRef="U-Euros">744118419</ifrs-gp:InvestmentSecurities>
  <ifrs-gp:PropertyPlantAndEquipmentNet decimals="0" contextRef="Current_AsOf" unitRef="U-Euros">2564184239</ifrs-gp:PropertyPlantAndEquipmentNet>
  <ifrs-gp:IntangibleAssetsNet decimals="0" contextRef="Current_AsOf" unitRef="U-Euros">754720891</ifrs-gp:IntangibleAssetsNet>
  <ifrs-gp:GoodwillNet decimals="0" contextRef="Current_AsOf" unitRef="U-Euros">641277464</ifrs-gp:GoodwillNet>
  <ifrs-gp:TaxAssetsTotal decimals="0" contextRef="Current_AsOf" unitRef="U-Euros">1108459898</ifrs-gp:TaxAssetsTotal>
  <ifrs-gp:CurrentTaxReceivables decimals="0" contextRef="Current_AsOf" unitRef="U-Euros">462391776</ifrs-gp:CurrentTaxReceivables>
  <ifrs-gp:DeferredTaxAssets decimals="0" contextRef="Current_AsOf" unitRef="U-Euros">646068122</ifrs-gp:DeferredTaxAssets>
  <ifrs-gp:NonCurrentAssetsAndDisposalGroupsHeldForSale decimals="0" contextRef="Current_AsOf" unitRef="U-Euros">15410976247</ifrs-gp:NonCurrentAssetsAndDisposalGroupsHeldForSale>
  <ifrs-gp:OtherAssetsTotal decimals="0" contextRef="Current_AsOf" unitRef="U-Euros">2801185378</ifrs-gp:OtherAssetsTotal>
  <ifrs-gp:AssetsTotal decimals="0" contextRef="Current_AsOf" unitRef="U-Euros">158555666414</ifrs-gp:AssetsTotal>
  <ifrs-gp:DepositsWithOtherBanks decimals="0" contextRef="Current_AsOf" unitRef="U-Euros">15877618333</ifrs-gp:DepositsWithOtherBanks>
  <ifrs-gp:AmountsOwedToOtherDepositors decimals="0" contextRef="Current_AsOf" unitRef="U-Euros">54086618528</ifrs-gp:AmountsOwedToOtherDepositors>
  <ifrs-gp:DebenturesAndDebtCertificates decimals="0" contextRef="Current_AsOf" unitRef="U-Euros">29243771906</ifrs-gp:DebenturesAndDebtCertificates>
  <ifrs-gp:FinancialLiabilitiesHeldForTradingTotal decimals="0" contextRef="Current_AsOf" unitRef="U-Euros">16714577238</ifrs-gp:FinancialLiabilitiesHeldForTradingTotal>
  <ifrs-gp:FinancialLiabilitiesDesignatedAsFairValueThroughProfitOrLossTotal decimals="0" contextRef="Current_AsOf" unitRef="U-Euros">10645899057</ifrs-gp:FinancialLiabilitiesDesignatedAsFairValueThroughProfitOrLossTotal>
  <ifrs-gp:HedgingLiabilitiesTotal decimals="0" contextRef="Current_AsOf" unitRef="U-Euros">94328491</ifrs-gp:HedgingLiabilitiesTotal>
  <ifrs-gp:TaxLiabilitiesTotal decimals="0" contextRef="Current_AsOf" unitRef="U-Euros">324346534</ifrs-gp:TaxLiabilitiesTotal>
  <ifrs-gp:OtherLiabilitiesTotal decimals="0" contextRef="Current_AsOf" unitRef="U-Euros">3930145680</ifrs-gp:OtherLiabilitiesTotal>
  <ifrs-gp:PostEmploymentBenefitObligationTotal decimals="0" contextRef="Current_AsOf" unitRef="U-Euros">812823741</ifrs-gp:PostEmploymentBenefitObligationTotal>
  <ifrs-gp:ProvisionsTotal decimals="0" contextRef="Current_AsOf" unitRef="U-Euros">583477951</ifrs-gp:ProvisionsTotal>
  <ifrs-gp:RevaluationReserves decimals="0" contextRef="Current_AsOf" unitRef="U-Euros">650254345</ifrs-gp:RevaluationReserves>
  <ifrs-gp:OtherReserves decimals="0" contextRef="Current_AsOf" unitRef="U-Euros">3597754535</ifrs-gp:OtherReserves>
  <ifrs-gp:SharePremiumTotal decimals="0" contextRef="Current_AsOf" unitRef="U-Euros">632275684</ifrs-gp:SharePremiumTotal>
  <ifrs-gp:SubscribedCapital decimals="0" contextRef="Current_AsOf" unitRef="U-Euros">2025988746</ifrs-gp:SubscribedCapital>
  <ifrs-gp:TreasuryShares decimals="0" contextRef="Current_AsOf" unitRef="U-Euros">-45123155</ifrs-gp:TreasuryShares>
  <ifrs-gp:MinorityInterest decimals="0" contextRef="Current_AsOf" unitRef="U-Euros">37752028</ifrs-gp:MinorityInterest>
  <ifrs-gp:EquityAndLiabilitiesTotal decimals="0" contextRef="Current_AsOf" unitRef="U-Euros">158555666414</ifrs-gp:EquityAndLiabilitiesTotal>
  <ifrs-gp:InterestIncomeTotalFinancialInstitutions decimals="0" contextRef="Current_ForPeriod" unitRef="U-Euros">5877237837</ifrs-gp:InterestIncomeTotalFinancialInstitutions>
  <ifrs-gp:InterestExpenseTotalFinancialInstitutions decimals="0" contextRef="Current_ForPeriod" unitRef="U-Euros">-3110937360</ifrs-gp:InterestExpenseTotalFinancialInstitutions>
  <ifrs-gp:InterestIncomeNet decimals="0" contextRef="Current_ForPeriod" unitRef="U-Euros">2766300477</ifrs-gp:InterestIncomeNet>
  <ifrs-gp:FeesAndCommissionIncomeTotal decimals="0" contextRef="Current_ForPeriod" unitRef="U-Euros">1597945753</ifrs-gp:FeesAndCommissionIncomeTotal>
  <ifrs-gp:FeesAndCommissionExpenseTotal decimals="0" contextRef="Current_ForPeriod" unitRef="U-Euros">-178711488</ifrs-gp:FeesAndCommissionExpenseTotal>
  <ifrs-gp:FeesAndCommissionIncomeNet decimals="0" contextRef="Current_ForPeriod" unitRef="U-Euros">1419234265</ifrs-gp:FeesAndCommissionIncomeNet>
  <ifrs-gp:DividendIncomeTotal decimals="0" contextRef="Current_ForPeriod" unitRef="U-Euros">458887933</ifrs-gp:DividendIncomeTotal>
  <ifrs-gp:GainsLossesOnFinancialInstrumentsHeldForTradingTotal decimals="0" contextRef="Current_ForPeriod" unitRef="U-Euros">-189637860</ifrs-gp:GainsLossesOnFinancialInstrumentsHeldForTradingTotal>
  <ifrs-gp:GainsLossesOnFinancialInstrumentsDueToFairValueAdjustmentsInHedgeAccountingTotal decimals="0" contextRef="Current_ForPeriod" unitRef="U-Euros">-7169972</ifrs-gp:GainsLossesOnFinancialInstrumentsDueToFairValueAdjustmentsInHedgeAccountingTotal>
  <ifrs-gp:RealisedGainsLossesOnFinancialAssetsLoansAndReceivablesExcludingInterestFlows decimals="0" contextRef="Current_ForPeriod" unitRef="U-Euros">-3777241</ifrs-gp:RealisedGainsLossesOnFinancialAssetsLoansAndReceivablesExcludingInterestFlows>
  <ifrs-gp:RealisedGainsLossesOnFinancialAssetsAvailableForSaleExcludingInterestFlows decimals="0" contextRef="Current_ForPeriod" unitRef="U-Euros">334579049</ifrs-gp:RealisedGainsLossesOnFinancialAssetsAvailableForSaleExcludingInterestFlows>
  <ifrs-gp:GainsLossesOnFinancialInstrumentsNet decimals="0" contextRef="Current_ForPeriod" unitRef="U-Euros">4760103840</ifrs-gp:GainsLossesOnFinancialInstrumentsNet>
  <ifrs-gp:ImpairmentLossesReversalsFinancialInstrumentsLoansAndReceivablesNet decimals="0" contextRef="Current_ForPeriod" unitRef="U-Euros">-508436506</ifrs-gp:ImpairmentLossesReversalsFinancialInstrumentsLoansAndReceivablesNet>
  <ifrs-gp:ImpairmentLossesReversalsFinancialInstrumentsAvailableForSaleFinancialAssetsNet decimals="0" contextRef="Current_ForPeriod" unitRef="U-Euros">-129794891</ifrs-gp:ImpairmentLossesReversalsFinancialInstrumentsAvailableForSaleFinancialAssetsNet>
  <ifrs-gp:ImpairmentLossesReversalsFinancialInstrumentsHeldToMaturityInvestmentsNet xsi:nil="true" contextRef="Current_ForPeriod" unitRef="U-Euros"/>
  <ifrs-gp:AdministrativeExpensesByFunction decimals="0" contextRef="Current_ForPeriod" unitRef="U-Euros">-2954475091</ifrs-gp:AdministrativeExpensesByFunction>
  <ifrs-gp:EmployeeExpensesByNature decimals="0" contextRef="Current_ForPeriod" unitRef="U-Euros">-1861573041</ifrs-gp:EmployeeExpensesByNature>
  <ifrs-gp:OtherAdministrativeExpenses decimals="0" contextRef="Current_ForPeriod" unitRef="U-Euros">-1092902050</ifrs-gp:OtherAdministrativeExpenses>
  <ifrs-gp:OtherNonOperatingExpenses decimals="0" contextRef="Current_ForPeriod" unitRef="U-Euros">-46846171</ifrs-gp:OtherNonOperatingExpenses>
  <ifrs-gp:DepreciationAndAmortisation decimals="0" contextRef="Current_ForPeriod" unitRef="U-Euros">-134734603</ifrs-gp:DepreciationAndAmortisation>
  <ifrs-gp:OtherOperatingExpenses decimals="0" contextRef="Current_ForPeriod" unitRef="U-Euros">264465983</ifrs-gp:OtherOperatingExpenses>
  <ifrs-gp:OperatingExpensesTotalByNature decimals="0" contextRef="Current_ForPeriod" unitRef="U-Euros">-2855233565</ifrs-gp:OperatingExpensesTotalByNature>
  <ifrs-gp:ShareOfProfitLossFromEquityAccountedInvestments decimals="0" contextRef="Current_ForPeriod" unitRef="U-Euros">15332385</ifrs-gp:ShareOfProfitLossFromEquityAccountedInvestments>
  <ifrs-gp:ImpairmentLossRecognisedInIncomeStatementGoodwill decimals="0" contextRef="Current_ForPeriod" unitRef="U-Euros">-598810</ifrs-gp:ImpairmentLossRecognisedInIncomeStatementGoodwill>
  <ifrs-gp:GainLossOnDerecognitionOfNonCurrentAssetsNotHeldForSaleTotal decimals="0" contextRef="Current_ForPeriod" unitRef="U-Euros">2912953</ifrs-gp:GainLossOnDerecognitionOfNonCurrentAssetsNotHeldForSaleTotal>
  <ifrs-gp:ProfitLossBeforeTax decimals="0" contextRef="Current_ForPeriod" unitRef="U-Euros">1288638557</ifrs-gp:ProfitLossBeforeTax>
  <ifrs-gp:CurrentTaxExpense decimals="0" contextRef="Current_ForPeriod" unitRef="U-Euros">-501441279</ifrs-gp:CurrentTaxExpense>
  <ifrs-gp:ProfitLossAfterTaxFromContinuingOperations decimals="0" contextRef="Current_ForPeriod" unitRef="U-Euros">787197278</ifrs-gp:ProfitLossAfterTaxFromContinuingOperations>
  <ifrs-gp:ProfitLossFromDiscontinuedOperationsNetOfTax xsi:nil="false" decimals="0" contextRef="Current_ForPeriod" unitRef="U-Euros">142732928</ifrs-gp:ProfitLossFromDiscontinuedOperationsNetOfTax>
  <ifrs-gp:ProfitLossAttributableToMinorityInterest decimals="0" contextRef="Current_ForPeriod" unitRef="U-Euros">19838005</ifrs-gp:ProfitLossAttributableToMinorityInterest>
  <ifrs-gp:LiabilityRecognisedForFairValueChangesOfHedgedItemInPortfolioHedgeOfInterestRateRisk xsi:nil="true" contextRef="Current_AsOf" unitRef="U-Euros"/>
  <ifrs-gp:CurrentTaxPayables decimals="0" contextRef="Current_AsOf" unitRef="U-Euros">253723121</ifrs-gp:CurrentTaxPayables>
  <ifrs-gp:DeferredTaxLiabilities decimals="0" contextRef="Current_AsOf" unitRef="U-Euros">70623413</ifrs-gp:DeferredTaxLiabilities>
  <ifrs-gp:LiabilitiesIncludedInDisposalGroupsClassifiedAsHeldForSale xsi:nil="false" decimals="0" contextRef="Current_AsOf" unitRef="U-Euros">18429282283</ifrs-gp:LiabilitiesIncludedInDisposalGroupsClassifiedAsHeldForSale>
  <ifrs-gp:CapitalReductionTotal xsi:nil="true" contextRef="Current_ForPeriod" unitRef="U-Euros"/>
  <ifrs-gp:RealisedGainsLossesOnFinancialInstrumentsExcludingInterestFlowsTotal xsi:nil="true" contextRef="Current_ForPeriod" unitRef="U-Euros"/>
  <ifrs-gp:RealisedGainsLossesOnFinancialLiabilitiesExcludingInterestFlows decimals="0" contextRef="Current_ForPeriod" unitRef="U-Euros">1798235</ifrs-gp:RealisedGainsLossesOnFinancialLiabilitiesExcludingInterestFlows>
  <ifrs-gp:GainsLossesOnFinancialInstrumentsDesignatedAsFairValueThroughProfitOrLossExcludingInterestFlows decimals="0" contextRef="Current_ForPeriod" unitRef="U-Euros">-10959752</ifrs-gp:GainsLossesOnFinancialInstrumentsDesignatedAsFairValueThroughProfitOrLossExcludingInterestFlows>
  <ifrs-gp:ImpairmentLossesReversalsFinancialInstrumentsOtherNet decimals="0" contextRef="Current_ForPeriod" unitRef="U-Euros">4353151</ifrs-gp:ImpairmentLossesReversalsFinancialInstrumentsOtherNet>
  <ifrs-gp:ShareCapitalTotal decimals="0" contextRef="Current_AsOf" unitRef="U-Euros">2029771034</ifrs-gp:ShareCapitalTotal>
  <ifrs-gp:ProfitLossAttributableToEquityHoldersOfParent decimals="0" contextRef="Current_ForPeriod" unitRef="U-Euros">910092201</ifrs-gp:ProfitLossAttributableToEquityHoldersOfParent>
  <ifrs-gp:RealisedGainsLossesOnFinancialAssetsHeldToMaturityExcludingInterestFlows decimals="0" contextRef="Current_ForPeriod" unitRef="U-Euros">-12928535</ifrs-gp:RealisedGainsLossesOnFinancialAssetsHeldToMaturityExcludingInterestFlows>
  <ifrs-gp:ProfitLoss decimals="0" contextRef="Current_ForPeriod" unitRef="U-Euros">929930206</ifrs-gp:ProfitLoss>
</xbrl>

