Carige's board of directors has approved the strategy for reducing problem loans for the period 2018-20 and plans first of all to to dispose of non-performing loans up to a gross amount of one billion euro. Within the portfolio of total non-performing loans amounting to 1,7 billion euros as at 31 December 2017, an amount up to 1 billion will be selected to be sold through public securitization with a state guarantee on the senior security. This transaction will start in the second quarter of 2018 and the completion, with accounting and regulatory deconsolidation, is expected "by the end of the current year".
Furthermore, within the unlikely-to-pay portfolio, amounting to around 3 billion euro as at 31 December 2017, Carige envisages disposals and write-offs of positions with a gross exposure of 500 million euro to be carried out in 2018 and a further 200 million euro in 2019. combined sale and write-off operations, on the one hand, and the management of non-performing loans, on the other - underlines the note - will contribute to accelerating the reduction of the overall stock by 56% from the levels at the end of 2017 (-34,5% the reduction achieved in 2017)”.
In the aftermath of the news, today the Carige stock travels in negative territory in Piazza Affari, in line with the bad day of the whole price list: by mid-morning it lost 1,24% in €0,0081 per share. In the last month the Ligurian bank left almost 6% on the ground and in the last 6 months, in conjunction with the new industrial plan, almost 60%.
