ROM (AFX) – with a multibillion-dollar fund Italy will support and boost lending in the country his ailing banks. Financial institutions, Treasury and Fed agreed late Monday to the establishment of the Fund “Atlante”, which is to the banks remove bad loans. Prime Minister Matteo Renzi praised the fund as “helpful” and stressed that the government had already done much “to redevelop a sector from which we expect support for the economic recovery.”
In the balance sheets the banks have accumulated during the recession of recent years bad loans in the amount of estimated € 360 billion, which is questionable whether they are repaid. The brakes new lending and hence the cautious economic recovery in the third largest economy in the euro zone.
The fund would be around five billion euros, as the head of the Banca Popolare dell’Emilia Romagna Scarl, Alessandro Vandelli said. In addition to help in dealing with bad loans the money to flow in capital. to perform the establishment of the private fund managers Quaestio because Italy is planning to implement any agreement prohibited by EU law help.
At the stock exchange the messages were received. Financial stocks continued to rise. Already on Friday and Saturday Italian bank stocks were partly recorded strong gains after they YTD compared to the entire European banking and financial sector particularly poorly.
Italian Finance Minister Pier Carlo Padoan lauded, the Fund could help to stabilize the institutions. The president of the employers’ association Confindustria, Giorgio Squinzi, explained: “The problem of the banks is serious Anything that can give stability and calm, is welcome..”
In January, the government in Rome had with the EU -Commission on conditions for possible aid to the banks agreed. Accordingly, Italy should in principle give guarantees intended to limit the risk of losses for buyers of bad loans. For this, however, the banks have to pay. Renzi tried for some time, with numerous reforms to clean up the financial system of the country. The support plan
Promoted by the acute problems of two financial institutions. Banca Popolare di Vicenza and Veneto Banca SCpA must together collect nearly three billion euros to strengthen its capital base. The banking giant Unicredit & lt; UCG.AFF & gt; & Lt; CRI.FSE & gt; wants her daughter Popolare Vicenza in these weeks on the stock exchange bringen./mms/he/DP/enl
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