Mps obtained the public guarantee Gacs on the senior tranche of the maxi securitization of 24 billion bad loans. The Bank communicates this, specifying that it has received from the Treasury, the controlling shareholder, the communication of the successful concession of the Gacs on the tranche which has a nominal value of 2.918 million. The Gacs has been effective since June 28th, the date of the decree registered at the Court of Auditors on July 10th.
The green light from the Treasury to Gacs completes the entire process of an operation, the sale of the portfolio of non-performing loans, conceived by the bank's management and approved by the Board of Directors at the end of July 2016, with the then CEO Fabrizio Viola who defined it “the ultimate solution” for bank restructuring. The operation was then confirmed under the management of Marco Morelli who took over in September of that year.
The gross amount from the 28 billion initially estimated was then reduced to 24,1 billion (4,3 billion the net value). The economic impacts of the securitization, the largest for non-performing loans in Europe, were accounted for in the 2017 financial statements of the institution chaired by Stefania Bariatti.
The deconsolidation of the non-performing loans from Rocca Salimbeni's balance sheet took place within the last month of June, respecting the time schedule of the restructuring plan approved by Brussels, the plan at the basis of the go-ahead for state aid which materialized in the precautionary recapitalization of the bank last year.
