The EU has agreed a full State/taxpayer backstop for the Venetian banks in exchange for the resolution of the two troubled banks and the sale of good assets to ISP for a symbolic one euro. ISP’s management secured all the necessary guarantees against any future losses. The equity consumption and the restructuring charges will be covered by the State through a subvention. ISP, as a shareholder of the Atlante fund, will be wiped out but the exposure is pretty limited and has already been
26 Jun 2017
Positive outcome for Venetian banks
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Positive outcome for Venetian banks
Intesa Sanpaolo S.p.A. (ISP:WBO) | 0 0 1.0% | Mkt Cap: 52,671m
- Published:
26 Jun 2017 -
Author:
David Grinsztajn -
Pages:
2
The EU has agreed a full State/taxpayer backstop for the Venetian banks in exchange for the resolution of the two troubled banks and the sale of good assets to ISP for a symbolic one euro. ISP’s management secured all the necessary guarantees against any future losses. The equity consumption and the restructuring charges will be covered by the State through a subvention. ISP, as a shareholder of the Atlante fund, will be wiped out but the exposure is pretty limited and has already been