May 7, 2019 / 11:56 AM / a month ago

EU approves extension of Italy's bank bad loan scheme until May 2021

BRUSSELS, May 27 (Reuters) - The European Commission said on Monday it had approved the extension until May 2021 of Italy’s state guarantee scheme to help banks sell bad loans.

Under the “GACS” scheme, Italian banks can benefit from a guarantee from the state on the least risky tranche in bad loan securitisation sales. The scheme was initially launched in 2016 and was last renewed in 2018. (Reporting by Francesco Guarascio @fraguarascio; editing by Robin Emmott)

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