1 Min Read
MILAN (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 (BMPS.MI).
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