Banks, fund plan Atlante – BBC

the immediate objective of Atlas – the private banks bailout fund launched on Monday after the long summit at the Treasury between the government, banks, insurance companies, foundations and CDP, the present governor of the Bank of ‘Italy, Ignazio Visco – is the support to the capital increases (with quote) of Banca Popolare di Vicenza and Veneto 2.5 billion total. You want to avoid that go deserts, because a failure to sign – is written in the draft projects – “could lead to a systemic crisis’: namely bail-in and potential huge losses for all other banks – forced to intervene with the Resolution Fund – as well as the citizens themselves-savers (and ultimately also for the government).

Waiting for the increase of Vicenza

for this reason the “AIF” launched by Quaestio sgr will be equipped with at least 5 billion, of which 3 billion to be paid by April 28, so as to intervene in increasing Popolare Vicenza which starts in a few days. In theory Atlas could also take control; However, according to bankers, its very existence would make it less risky underwriting and, therefore, higher stock prices. But the medium-term objective is the reduction of about 80 billion of gross non-performing loans on bank balance sheets, out of a total of about 200 at the system level. The mechanism identified is the purchase of the most endangered part ( “Junior”) of these sufferings, after they have been securitized. For this purpose they should be intended about 3-4 billion, but could also be more according to what will remain after the capital increases. In addition, according to some sources, Atlas will also borrow.

alternative to hedge funds

For a bank, you can also sell the tranches ‘junior’ non-performing loans (as well as those “senior”, required by the market ), means completely out-performing loans from balance sheets. More Atlas is an alternative to hedge funds that have advanced proposals for purchase of non-performing loans at very low values ​​(such as Apollo for those of Carige), around 20% compared to 40% average in the financial statements. In short, in order to restart the securitization market, now in the hands of buyers, Atlas will be content to earn less and more years: the duration of the fund will be not less than 6-7 years.

The old bad bank of Bamconapoli

the stock market yesterday but did not reward banks. Indeed Intesa Sanpaolo and Unicredit – which would put 1 billion apiece on a total of 3 paid by the 13 largest institutions (except Mediobanca) – lost 4.1% and 5.1%. And down they went all bank except MPS (+ 1.6%) that could benefit from Atlas. “It is curious that never goes well nothing in the market,” says Miro Fjords, CEO of Creval, who will participate at the bottom: “If there is no solution to the problem of the banks, the market goes bad. If the answer is no, the same goes wrong. It seems highly contradictory. ” Among the subscribers, the CDP will put about 500 million, and another 500 Sga (the old bad bank Banco di Napoli). The government does not implement support policies to the bottom but on Monday will launch with the decree-banks the rules for reimbursements to depositors of failed banks 4, the rules to transfer from old to ‘good banks’ receivables for deferred taxes and acceleration the recovery of receivables with an extra-judicial procedure .

April 12, 2016 (modified April 12, 2016 | 22:12)

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