Intesa Sanpaolo will proceed with the cancellation of 9,3 billion bonds issued by Banca Popolare di Vicenza and Veneto Banca, at the same time renouncing the state guarantee on them.
This was announced by the institution led by Carlo Messina who explains how, having completed the possible repurchase operations of the bonds issued by the Veneto banks and assisted by a state guarantee (both placed on the market and used by the two banks as collateral in repurchase agreement loans) , can go ahead with the cancellation of these titles in its possession.
"Consequently, today Intesa Sanpaolo sent the Ministry of Economy and Finance a communication of the waiver of the related State guarantee", reads the note issued by the bank. The waiver of the guarantee - underlines the press release - will be valid only and exclusively for the securities held by the bank (equal to approximately 9,3 billion euro), while it will have no effect on the securities still outstanding (equal to approximately 0,8 billion euros), still held by other bondholders because "they did not participate in the aforesaid repurchase operations".
The waiver, Intesa Sanpaolo points out, "extinguishes the risk of a potential burden of approximately 9,3 billion euro for the State".
