April 29, 2020 / 7:49 AM / a month ago

Italy should extend State guarantee to bank loans classed as Utp before Covid-19 - banking lobby

ROME, April 29 (Reuters) - Italy’s banking association ABI said on Wednesday the government should consider extending state guarantee measures to loans that were classed as unlikely-to-pay (UTP) before the coronavirus outbreak.

To help companies crippled by a prolonged shutdown as Italy battles one of the world’s deadliest coronavirus outbreaks, the Rome government has pledged to guarantee up to 750 billion euros ($814 billion) in bank loans.

ABI Director General Giovanni Sabatini called for the measures to be applied to “those companies whose (loans) were classed as unlikely-to-pay before January 31”, the date set as a watershed in the current rules.

“If measures are not considered for those companies still operating but with difficulties related to events before the pandemic would mean condemning them to an irreversible crisis,” Sabatini said speaking to the upper house Senate.

$1 = 0.9211 euros Reporting by Stefano Bernabei, writing by Giulia Segreti

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