Create a vehicle that collects problem loans from medium-sized Italian institutions. In other words, a bad bank. This would be Mediobanca's project, according to the news anticipated today by Milano Finanza. The new creature could be born within the summer, once the European Central Bank and the Bank of Italy have completed the asset quality review on the accounts of the top 15 Italian banking groups.
Although Unicredit and Intesa Sanpaolo have decided to proceed with autonomous projects - writes MF - the investment bank led by Alberto Nagel has therefore not given up on the idea, arousing the interest of some medium-large institutions.
In reality, it would not exactly be a bad bank, at least in the negative sense of the term, but one or more vehicles for valuing non-performing loans. Finaniamenti would only be from private individuals, but the public, if it wanted to participate, could do so at market conditions.
The project, which has already been viewed by Palazzo Koch, originally envisaged that each bank would pass a portion of its non-performing loans to the vehicle. Then, each institution would have a share, proportional to the loans transferred, of the vehicle itself, which could be financed by issuing debt securities or through institutional investors and operators specialized in the management of non-performing loans.
Meanwhile, Mediobanca stands out among the bankers: the share, around 15 pm, grew by 2,59% to 6,745 euros.
"The project to better manage non-performing loans is pushing the stock," says a trader quoted by the Reuters news agency.
