November 14, 2017 / 10:39 AM / a year ago

GACS-backed Italy bad loan sales seen at 30-40 bln euros over 12 mths-JPM

MILAN, Nov 14 (Reuters) - Bad loan disposals by Italian lenders tapping a state guarantee scheme dubbed ‘GACS’ could reach 30-40 billion euros over the next 12 months, JP Morgan Managing Director Alessandro Gatto said at a conference on Tuesday.

Italy introduced the GACS state guarantee scheme in 2016 after lengthy negotiations with European Union authorities over measures to ease sales of bad bank loans.

JP Morgan has helped some of the very few banks that so far have made use of the scheme, which is extremely complex to implement, to structure their sales of bad debts. (Reporting by Valentina Za)

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