Among Padoan Vestager and the agreement it is downward. The agreement between the European Commission and the Italian Government on the non-performing loans of the Italian banking system , which puts an end to negotiations lasted nearly a year, does not provide for the creation of a single bad bank: “We have reached a agreement with the Commission of a guarantee mechanism which is a very useful tool for the management of bad debts, “said Economy Minister Pier Carlo Padoan at the end of marathon with Margarethe Vestager. It is a guarantee on the securitization of loans (GACS) , and is “a tool that complements the Italian box for tools to manage the non-performing loans,” said the minister, explaining that ” Technical details will be finalized in the coming hours “and that the system” is a bit ‘more complicated “by a state guarantee. But “it has a very useful incentive mechanism to speed.” Even Commissioner Vestager said he was “very satisfied” with the agreement “very good”, and we would point out that its red line is not crossed: “The guarantees are priced at market conditions so that they do not constitute aid State “, he said. And it is convinced that this move, “along with other reforms put in place by Italy, should improve the ability of banks to lend to the real economy.” Especially if able to lighten the suffering of more than 200 billion. The Vice President Valdis Dombrovskis feels “encouraged” by this move that will bring relief to the Italian institutions and thank the efforts of Vestager and Padoan.
According to explain the technical Commission, the scheme identified “should assist Italian banks in the securitization process and movement of non-performing loans at the time in their balance sheets, to separate entities and with a self-managment”. Or suffering be disclosed to SPV (Special Purpose Vehicle) that turn into securitized assets to be allocated to the market then . The banks “will be able to benefit from a government guarantee on tranche ‘senior’ securitized assets held by such entities. These state guarantees (GACS) are granted and priced at market rates , and therefore do not constitute state aid. ” The figure that could, according to the EU fall outside the state aid would be 1% of the State guarantee . The Commission, “with the help of a control authority as always happens, will monitor the implementation of the scheme to ensure that it is free from state aid”.
The non-performing loans of banks (Republic, January 26, 2015)
The” bad bank “is a corporate vehicle they are confined to non-performing loans, which is unenforceable as a linked to loans to companies or families no longer able to support the loan installments . The new solution the government plans no longer a “bad bank” system but a more decentralized: the creation of one or more banks of a corporate vehicle that buys loans from banks. The banks buy a state guarantee by the government on impaired loans. The price of the State guarantee on non-performing loans (GACS) is under discussion with the European Commission to prevent it from being considered State aid. without the state guarantee the sale price of the loans would be very low and therefore credit institutions have the interest to buy the guarantee . Yesterday, Banca Akros and Prelios Credit Servicing have announced the launch of the first open platform for the securitization of loans by Italian banks. Have already joined the six institutions.
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