Atlante 2, the Fund that can only invest in non-performing loans, would have succeeded (according to what is reported by Il Sole 24Ore) in forming the consortium of seven banks, which should also include Banca Imi and Natixis, which will underwrite the senior tranche of the securitization of the NPLs of the Casse di Cesena, Rimini and San Miniato, for a total investment of 416 million in nominal terms.
The operation is necessary for the purposes of the acquisition of the three institutes by Credit Agricole. Until a few days ago there were many doubts about the success of the acquisition, for which the deadline had been set for 10 September. However, it seems that the Bank of Italy would have made its voice heard, allowing the stalemate on the dossier to be overcome.
However, in order for the 3.152 billion Npl of the three Banks to be deconsolidated (at the agreed price of 1.263 billion, 38% of the total), the last – and much more onerous – obstacle must be overcome: coverage of the mezzanine tranche. Atlante 2 will undertake the operation, but as of today does not have the necessary financial means to complete it. In the coffers of the Fund there are 150 million, against a requirement of 250 million, plus another 200 million of NPLs that emerged at a later time, still to be analysed.
The situation, therefore, still appears complex. Precisely for this reason contacts continue between the men of the Mef and the Bank of Italy. The goal is to secure one of the last thorny dossiers of the Italian banking system.
