Fund Atlas, banks resources to three billion – The Republic

Rome – Banks expected to add approximately $ 3 billion to the fund Atlas, which overall should have a budget of between 4 and 6 billion. According to qualified sources cited this morning by some news agencies 3 billion from the accessions of major lenders seen in head Intesa SanPaolo and Unicredit with about 1 billion each, followed by Ubi 250 million, BPM-Tour 200 and 150 while Bper a number of high schools should contribute with 75 million each. In addition to banks it is expected the foundations commitment (500mn), insurance companies and other investors. It points to a yield of 6%. According to the same sources the first intervention will be on the increase Popolare di Vicenza, which expires April 29.

The fund will allocate 70% of its allocation to the equity component as part of the recapitalization of the banks, while the remaining 30% It will be used to detect impaired loans. For bank loans the fund will focus on junior tranches of securitisations, as the senior will be sold on the market using the public guarantee Gacs agreed with Brussels.

In an interview with the Sole24Ore Economy Minister Pier Carlo Padoan ensures that “the measures taken by private investors fund Atlas and measures of the government on the bankruptcy law will be crucial for the revival of the banking system.” Padoan added that the plan “is an approach favored by the ECB Banking Supervision” and there is no risk of stop from the bottom Ue Atlas as “powered by private capital, with voluntary contributions, and managed by private entities”. Then about the German proposal to limit the weight of government securities on bank balance sheets, Padoan responds: “And ‘wrong and harmful because it introduces elements of rigidity in a market in which instead must be free to diversify investments. And in any case, we believe that the issue should not be addressed at European level but at a global level and in the institutions responsible for doing so as the Basel Committee. “

a similar position to that of the general manager of the Bank of Italy Salvatore Rossi , who in an interview with Republic judges the profitable and effective initiative because it can “to help solve the problems of the Italian banking system, going to invest in the capital of some banks, and in any securitisations of non-performing loans. “

Carlo Cottarelli , executive director for Italy of the international Monetary Fund, is very confident about the chances of success of the solution to come from Italy found meet the problems of the banks: “it should be in line with what the IMF recommended. It also has a beautiful name: Atlas, “said the former head of the spending review with the governments of Enrico Letta, and Matteo Renzi talking to reporters on the sidelines of the World Bank being held in Washington. Cottarelli also suggests not to worry too much about the Initial reactions of the Exchange, which does not appear positive: “I do not know if the stock market does not believe us. The stock market goes up and down. All the financial news, it takes a little ‘time so that they are digested. “

Topics:

Fund Atlas

popular vicenza

Intesa Sanpaolo

Unicredit

ubi

Starring:

pier Carlo Padoan

Carlo Cottarelli