The green light arrives from the Interbank Fund for Banca Carige. The assembly of the voluntary scheme of the interbank deposit protection fund (FITD), which met in Rome, approved the conversion into shares of the 313 million Carige bond subscribed in December 2018 in order to strengthen its capital.
The general manager of Fitd Giuseppe Boccuzzi announced the outcome of the vote, expected to define Carige's fate, at the end of the meeting. In detail, to these 313 million will be added the 70 million of Cassa Centrale Banca and 150 million reserved for current shareholders such as Malacalza. The compulsory scheme of the Fund will have a commitment of just under 170 million which could increase in the event of non-subscription by Carige shareholders.
The first step is therefore taking shape towards the complex operation to recapitalize and relaunch Carige which must be presented to the European Central Bank by Thursday.
The overall maneuver for Carige is around 900 million: the scheme al
which is being worked on is the issue of Tier 2 subordinated bonds for 200 million euros (Medio Credito Centrale and Credito Sportivo in the first row) and a capital increase of 700 million, for 320 million covered by the conversion of the subordinated bond of the Fitd. The Fund will also offer a guarantee, in whole or in part, on the unopted share capital increase, of which it should also undertake to subscribe for a part. In order for the operation to be successful, another 10% of the capital would be subscribed by Cassa Centrale Banca, the holding company of the Bcc del Nordest. Finally, the old shareholders of Carige should also interact in the national consortium: Malacalza, Volpi, Mincione, Spinelli , Coop Liguria etc. All eyes are on Malacalza who is now expected to approve the capital increase that he blew up in extremis in December 2018.
