MILAN – Quaestio Capital Management Sgr launches alternative investment fund called “Atlas” to support the capital increases of banks and help the management of bad debts. This was announced by a note of Sgr chaired by Alessandro Penati stressing that “as a result of meetings during the day today with a large number of institutional investors, banks, insurance, banking foundations and Cassa Depositi e Prestiti, Quaestio reached a number of accessions “enough to allow the launch.
in particular, explains the statement, the Fund Atlas will serve” to ensure the success of Supervisory Authority required capital increases in banks today are faced with objective market difficulties, acting as a back-stop facility “and” solve the problem of suffering. the amount of suffering that will be deconsolidated from bank balance sheets will be far greater than those purchased by the Fund, as Atlas will focus its investments on the junior tranche of securitization vehicles , being able to rely on those with greater seniority for which there is a clear interest from investors. “
the fund Atlas, the note continues,” aims to eliminate the high discount to which the market values the Italian financial institutions, because: the stock of non-performing loans quadrupled since 2007 because of the severity of the recession; the long time the recovery of claims, well above the European average; the massive capital increases required by write-downs; uncertainty about the ability of some institutions to successfully complete the increases requested by the Authority of
The government:” Profit initiative without public money. “ The Government welcomes the initiative of the Fund Atlas and announces new measures for the recovery of debts. and ‘what is written in a lengthy statement released in the evening about the launch of the AIF for the banking system. to Renzi: “This private transaction helpful. In Italy there is an active and responsible market that is facing problems with its own resources, without asking for public money. “
To Economy Minister Pier Carlo Padoan” the bottom is a tool that can help supplement the process of strengthening the capital base of Italian banks and to increase the market for non-performing loans. “
the day. It was, as the note says, a day of meetings decisive to the Treasury, including banks, insurance companies, foundations to know the details of the fund. in addition to CEOs and operational guides of the main Italian banks and the medium-large representatives among others bank of Italy and Cassa Depositi e prestiti, which plays a key role in the plan along with the Treasury and will have an important and direct role in the new structure.
Around the operation for guarantees of increases and suffering there is indeed a lot of confidence and It confirms also the last Friday meeting with the ECB in Frankfurt with representatives of the executive and of the Bank of Italy. A summit whose outcome could have accelerated the discussion. The plan is to put the money (around 5-7 billion endowment) in the SGR are the same banks and world financial operators, so that the state is not involved and is not therefore necessary to seek the ok to avoid aid prohibited by eu. The one that is looming will not be a system operation and this should reassure Europe but is rather an intervention of “
the initial allocation should be 2.5 billion and then climb over 7 billion share. The CDP would put in a minority extent resources (about 200-300 million) to avoid a case of state aid. By banking foundations could reach 500 million and the rest will be supported by private finance big.
If the vehicle took off in the next few days, then the parachute could be launched on Vicenza right now, given that it seems waned the hypothesis of an involvement of Fortress, as it approaches the start of the recapitalization of 1.5 billion and landing on the Stock Exchange in early May.
the goal, as well as to put in security the two Venetian banks, is also trying to stem the arrival of foreign funds that can bring to the table resources to detect the suffering and then recapitalize banks won control how he is trying to do with Apollo Carige.
in the short term then they await news with a “decree to close the game” on payments linked to the four banks in the resolution, along precisely the rules for the entire sector credit: has announced the deputy Minister of economy, Enrico Morando, at the conference on consumer protection in the banking crises organized room to the Italian Left. “The times – he explained – are short, consistent with the fact that if I do this decree, if I have something else to fix, I will not come to the parliament every 15 days to convert a decree law on banks.”
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