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5 months ago
BRIEF-Carige eyes 950 mln euro bad loan securitisation, 2.4 bln euro spin-off
February 28, 2017 / 5:21 PM / 5 months ago

BRIEF-Carige eyes 950 mln euro bad loan securitisation, 2.4 bln euro spin-off

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Feb 28 (Reuters) - Banca Carige says in presentation slides on its website:

* Plans to securitise around 950 million euros in bad loans, spin off 2.4 billion euros into vehicle to be deconsolidated by end-2017

* To place bad loan vehicle's debt on the market and possibly open capital to third-parties

* The ECB requested 32 percent coverage ratio for unlikely-to-pay loans in 2017, 18 percent coverage for past due loans, 63 percent coverage ratio for bad loans

* The ECB wants bank to cut non performing loans to 5.5 billion euros in 2017, 4.6 billion euros in 2018, 3.7 billion euros in 2019 Further company coverage: (Reporting by Milan Newsroom)

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