The distance that separates Vicenza and Montebelluna from Siena becomes shorter day by day. Those on Veneto banks and Mps these are the two hottest dossiers of the summer that the Government wants to close as quickly as possible in order to limit the economic and above all political losses of the Italian banking chaos to a minimum.
The destinies of the three institutes now seem linked by an invisible double thread, in an increasingly delicate game of checks and balances. Not only that, because this time the forced liquidation of Veneto Banca and Popolare di Vicenza could also help save Monte dei Paschi. The reason is obvious: the two Venetian institutes had signed up with Atlante 2, the alternative securities fund which, unlike Atlante, can only invest in non-performing loans and instruments connected to NPL transactions, relating to the securitization of non-performing loans on the basis of which the fund should have disbursed approximately 450 million euro.
The intervention of Intesa Sanpaolo and the sudden reversal of the front regarding the Veneto dossier has reshuffled the cards on the table, eliminating even the need for a commitment on the part of Atlante 2 which could therefore now have 450 million euros more to be allocated to Siena, helping the Tuscan bank to free itself from the non-performing loans it continues to carry. A providential loan after the two funds Frotress and Elliot stepped back, which had made themselves available to cover 1,6 billion euros.
Speaking in simple terms: the money that until yesterday had to go to Veneto could now change its route and arrive in Tuscany by express. Wednesday the exclusivity that Monte dei Paschi has given to the securitization fund of the 27 billion euro in the balance sheet will expire and Atlante could therefore sign the agreement with Siena before the bank submits the industrial plan that will lead to its rescue to the EU.
