Stefano Bernabei
ROME (Reuters) – The government in agreement with the Bank of Italy has created four new banks were born from the ashes of Cassa di Risparmio di Ferrara, Bank of Marche, Bank Etruria and Cassa di Risparmio di Chieti, which have been well made reborn healed with an operation from 3.6 billion, using the new EC legislation on bailouts and the National Fund for a resolution.
To create the four new banks, says the Bank of Italy, describing the operation, the losses were covered by zeroing before all the shares and subordinated bonds. These banks were purged of their suffering in fact, after a further devaluation which lowered the value of 8.5 billion to 1.5 billion, according to validation criteria given directly by the EU Commission, which approved the entire operation as compatible with State aid.
These sufferings devalued the four banks were put in a vehicle, bad bank, with a minimum capital and will be sold to specialists in debt collection.
The National Fund resolution, managed by the resolution, could only take place after the contribution of shares and junior bonds and then rescheduled the remaining losses to 1.7 billion and then recapitalized the four banks for a total of 1, 8000000000.
The four good banks, bridge banks, will have the same name as the old preceded by the word “New” and will be chaired by Roberto Nicastro, former general director of Unicredit, together with other directors appointed by the resolution authority of the Bank of Italy temporarily manage these institutions. Banks will be immediately put on sale to the highest bidder and then retreat to the Resolution Fund revenues of the sale.
The liquidity necessary to immediately use the Fund has been provided with a bridge loan of 3.6 billion to 18 months and market rates from Unicredit, Intesa and Ubi.
The four banks have a small or medium size, with a national market share of about 1% in terms of deposits.
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