Participation in the Atlante fund cost the Italian banking system over one billion in terms of write-downs recorded in the institutions' 2016 financial statements. Overall, according to what was reconstructed by Radiocor Plus, the adjustments made by the first 12 Italian banks that joined Atlante amounted to 1,01 billion, against the 1,98 billion actually paid into the fund as at 31 December last year (approximately 80% of the 2,45 billion total commitment declared by the main institutions).
Less than a year after the foundation of the fund, the average devaluation was therefore 51,2% of the amounts actually paid. By far the most "strict" bank is Unicredit, which reduced the value of its stake in Atlante by 547 million (more than half of the total writedowns), or 79,7%, to 139 million (from 686), a correction more than double that made by Intesa Sanpaolo ( 227 million, equal to -33,1%). Net of Unicredit, the average devaluation carried out by the other 11 banks was 37,8%.
