Banks, advancing the government’s plan: in the field 7 billion from institutions and CDP – The Messenger

ROME – A private fund with 2.5 billion initial funding for the belt system of the capital increases of Banca Popolare di Vicenza and Veneto to be closed by return. And a tool from 3000 to 5000 million intended to relieve non-performing loans (npl) of banks. In the last hours the diplomacy of the government, the action of the Bank of Italy conviction and the sudden availability of EU Supervisory are facilitating the preparation of a maxi-plan for the banks at the center of the summit two days ago, opened by Matteo Renzi and managed Pier Carlo Padoan and Ignazio Visco, present Federico Ghizzoni, Carlo Messina, Giuseppe Guzzetti, Victor Massiah and Alberto Nagel. “We are working on a permanent solution to the problem of the Italian banks,” said days ago Renzi. Following this summit, all participants continued to work to refine the details. The road is still down, it pushes Padoan would like to close shortly to give immediately after the announcement.

Two new facts seems they can refloat the project: the availability of the SSM to grant an extension of 15 days to Vicenza collect 1.75 billion fresh and return the CET1 to 10.25% and, as a result of this, the availability of Fortress to participate in the institute’s recapitalization berico, under certain conditions linked to the price.

IORIO ACCELERATE
to soften the ECB’s been effective persuasion of the Bank of Italy summit, with Fabio Panetta (vice general and member of the Supervisory board) next to Visco. The postponement of two weeks compared to April 30, alleviates pressure on Unicredit also for the combined provisions of the constitution of the CDP Fund, which could intervene some foundations, banks, insurance companies, pension funds. To the side there would be a vehicle with the same members with the aim of buying bad debts, as required from Messina to express conditions yesterday by Gian Maria Gros-Pietro reported to prices: a recovery “accelerated” and forced the npl pose a risk to smes. In practice, Intesa puts the condition that the sale price of impaired is higher than the benchmark set by the four banks saved, whose npl were transferred to the bad bank to 17.6%, confirmed the offer price of Apollo on Carige . In the vehicle it should also enter the SGA, already alerted since last summer, in one of the bad bank versions on suffering. It also seems that the latest legal checks made on the guarantee contract with Vicenza not completely put to Unicredit protected by an action for damages for which agreements envisage a maxi-criminal. It must be said that the fee of Unicredit on the guarantee amounts to about 12 million, and seems to refer not only to the increase, also to other subordinated loans for a total value of 4 billion.

Today Ghizzoni should still propose Unicredit’s board of directors to give the green light to the operation-Vicenza so that it could start the pre marketing IPO view: the intentions ad Francesco Iorio, who is filming the famous seven churches in search of investors, landing it should take place on Monday 18, provided that Consob authorizes the publication of the prospectus. The consortium led by Unicredit include five banks: behind it should be a counter-guarantee given by a private fund that initially would pivot on CDP and foundations.
Meanwhile, yesterday was held a council summoned by ACRI time with the order the day the protocol with the MEF that April 22 is one year old. Before Guzzetti board would inform about fifteen large institutions: not everyone welcomes the participation in the pool because the state could take out other reinforcements. Having a private nature, the fund so as not to turn the Brussels beacon for state aid, will have the CDP in the minority.

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 07/04/2016 00:00:00

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