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Italy could extend GACS guarantee scheme past Sept. 2018
November 14, 2017 / 11:25 AM / a month ago

Italy could extend GACS guarantee scheme past Sept. 2018

MILAN, Nov 14 (Reuters) - Italy, which is in the process of extending a state guarantee scheme aimed at easing bad loan disposals to September 2018, will consider prolonging it even beyond that deadline, a senior Treasury official said.

Alessandro Rivera, head of financial sector policy and regulation at the economy ministry, told a conference on bad loans in Milan that in gaining EU approval for the first extension of the so-called GACS scheme to September 2018, Rome had also negotiated successive 12-month extensions.

“As long as the government will be interested in keeping the scheme in place,” Rivera said.

The extension to Sept. 2018 is awaiting only some technical steps to become effective.

Rivera said the government so far had provided its guarantee on notes worth a combined 860 million euros as part of three bad loan securitisation deals carried out by banks, and he expected further requests in coming months. (Reporting by Valentina Za and Giulio Piovaccari)

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