INTESA SANPAOLO TAKES PART, ON A PRO-QUOTA BASIS, IN THE RESOLUTION PROCESS OF FOUR ITALIAN BANKS
Turin - Milan, 23 November 2015 – Intesa Sanpaolo communicates that the pro-quota interventions included in the resolution process involving Banca delle Marche, Banca Popolare dell’Etruria e del Lazio, Cassa di Risparmio della Provincia di Chieti and Cassa Di Risparmio di Ferrara affect the Group as follows:
- loan granting to the resolution fund (the “Fund”) for an amount of approximately €780 million, representing the portion pertaining to the Bank of an overall facility of €2,350 million. The loan will be repaid in December 2015 drawing on the contributions that the Italian banks will have made to the Fund
- loan granting to the Fund for an amount of approximately €550 million, representing the portion pertaining to the Bank of an overall facility of €1,650 million. It is a short-term loan (maturing in 18 months less one day) against which the Cassa Depositi e Prestiti has made a commitment to provide financial support in the event that the Fund has insufficient coverage when the loan falls due
- charges of approximately €380 million, before tax, which relate to an extraordinary contribution to be paid to the Fund. These charges will be recorded in the income statement for the fourth quarter of 2015 and are in addition to the ordinary contribution of approximately €95 million which was booked in the first half of this year.
Last updated 23 November 2015 at 08:29