Steps forward for the rescue of the Casse di Rimini, Cesena and San Miniato, which to date represent the latest hotbed of crisis in the Italian banking system.
The voluntary scheme of the Interbank Fund for the protection of deposits (Fitd) has in fact given the go-ahead to increase its assets by 95 million euros (the dowry therefore passes from 700 to 795 million euros). The go-ahead from the Fitd's extraordinary shareholders' meeting represents “a qualifying element of the overall rehabilitation project of the three Savings Banks”.
With regard to the amount subject to the capital increase, 90 million are aimed at supporting the intervention of Credit Agricole Cariparma in favor of the Banks, while the remaining 5 are intended for the continuation of the activities of the voluntary Scheme.
The move by the Interbank Fund had now become necessary, after a new due diligence on non-performing loans had highlighted the need for an additional 180 million compared to what was initially established.
The Interbank Fund, despite the negative opinion of some minor banks (out of the 200 members), is therefore ready to mobilize a total of 640 million: 427 million for the capital increase of the three institutions, and 213 for the purchase of the junior tranche issued in the context of securitization.
The resources made available to the Italian-French institute avert, for now, the negative consequences that would derive from Credit Agricole's failure to intervene.
To date, therefore, the financial support of Atlante 2 is lacking to cover a portion of the 630 million mezzanine tranche, necessary to securitize the over 3 billion Npl of the three credit institutions. The Fund, which can only invest in non-performing loans, is waiting for investors with whom to share the burden of the operation. According to IlSole24Ore, the intervention could be Sga, a company controlled by the Treasury. However, given its public nature, the intervention is still being evaluated by the MEF.
Meanwhile, time runs fast. By the end of the month, the Casse di San Miniato and Rimini will have to be recapitalised. In fact, since they no longer meet the minimum requirements of Frankfurt, they can be liquidated from that date onwards.
