The soap opera of Banca Carige is enriched with new episodes. The Interbank Fund for the Protection of Deposits (Fitd) has formally taken matters into its own hands, but surprisingly Apollo has decided to relaunch and, in the meantime, another alternative hypothesis is also taking shape: the possibility of direct intervention by the State through the Mediocredito Centrale.
After the first rejection by the Interbank Fundlate Monday evening Apollo has sent a new proposal to the Carige commissioners which "involves the participation of the Fitd and the current reference shareholders", explains the Bank in a note.
For its part, with or without Apollo's help, the Interbank Fund is determined to intervene to save Carige. On Monday, the board of the "Voluntary intervention scheme", a tool of the Fitd for the preventive solution of banking crises, gave the go-ahead to examine the Ligurian institute's dossier in view of a future entry into the capital. The vehicle already has a subordinated bond of 320 million euro branded Carige and could decide to convert it into shares, thus becoming a shareholder of the bank, if necessary also by majority. The size of the stake will depend on how many other investors, public or private, are involved.
It's also starting today the due diligence of the Interbank Fund on Carige's accounts. The objective is to precisely define the capital requirement (up to now there has been talk of 630 million, but the bar could rise to 770) and the "connected multi-year economic and financial projections - reads a note - suitable for supporting a effective and credible business plan”. The deepening could last until September: once completed, it will be summoned the shareholders' meeting called to approve the capital increase.
In parallel, the hypothesis of a descent into the field of the State through the Mediocredito Centrale, 100% controlled by Invitalia, which could invest approx 200 million in the Ligurian instituteAnd. This would be plan B if Apollo's second proposal were also rejected by the Interbank Fund.
Meanwhile, on Wednesday it will meet in Frankfurt the Supervisory Board of the ECB and one of the main issues on the table will be the Carige case.
