October 12, 2016 / 6:26 PM / 10 months ago

Italy's Atlante confirms 1.6 bln euro investment in Monte Paschi bad loans

MILAN, Oct 12 (Reuters) - Italian bank bailout fund Atlante confirmed on Wednesday a commitment to invest up to 1.6 billion euros ($1.8 billion) in the planned securitisation of bad loans at ailing bank Monte dei Paschi's.

Monte dei Paschi announced in July an emergency rescue plan that includes a capital increase of up to 5 billion euros and the transfer of 28 billion euros of non-performing loans to a vehicle which will sell them in a securitisation scheme.

The fund managing Atlante, which in July had committed to buying the mezzanine tranche of the securitised loans, said in a statement that a due diligence of the soured debts had been completed and had confirmed the initial price estimates.

$1 = 0.8928 euros Reporting by Silvia Aloisi

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