Gabriele Piccini, country chairman Italy of Unicredit, Aldo Poli, president of FederAscomfidi and Alessandro Tappi, director of guarantees of the European Investment Fund (EIF) have signed an agreement which will make available 35 million guarantees provided by the 13 Confidi participating in the operation. allowing them to free up capital and, consequently, the Bank to disburse a further 60 million in guaranteed loans.
The agreement, the second signed by UniCredit in Italy, is part of the initiative called Widecredito, which is carried out through the tranched cover technique, through which, in relation to a portfolio of loans guaranteed by Confidi already disbursed by the Bank, it is possible to release the existing personal guarantee by replacing it with a cash deposit. This monetary deposit is made up of 50% by the Confidi, to cover the first losses, and by the EIF for the other 50%.
For the Confidi, for the Confidi, for the Confidi, on the one hand, their risk is limited to the amount of the deposit constituted and, on the other, the freeing up of assets to be used to guarantee new loans that the Bank undertakes to disburse in support of SMEs. The structuring of the tranched cover is handled by the Bank's Finance area.
“Today's agreement with FederAscomfidi – Piccini declared – develops and continues the Widecredito initiative, with which our Bank, by releasing a part of the guarantees provided by the Confidi, allows them to further strengthen their ability to guarantee credit. Overall, to date, with Widecredito, we are able to disburse 120 million euros of new loans. We are convinced that Confidi can play a very important role in supporting SMEs. Witness this initiative, which is part of the strands of UniCredit for Italy, our plan launched last year with the aim of disbursing 40 billion of new finance and accompanying 20 small businesses abroad in the three-year period 2012-2015 ”.
