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Cerved sees 2 bln euros/year in new Monte dei Paschi bad loans from 'UTP' stock
October 27, 2017 / 3:44 PM / 2 months ago

Cerved sees 2 bln euros/year in new Monte dei Paschi bad loans from 'UTP' stock

MILAN, Oct 27 (Reuters) - Around 2 billion euros ($2.3 billion) of Italian lender Monte dei Paschi’s unlikely-to-pay (UTP) loans are expected to turn insolvent each year, the head of debt servicing group Cerved said on Friday.

Monte dei Paschi, which has been bailed out by the Italian state after failing to raise capital on the market, in August reached an accord with Cerved and banking industry support fund Atlante for the servicing of its bad loans.

To gain approval for the state rescue the bank has agreed to offload 28.6 billion euros in insolvent loans, but it will still have around 13 billion euros in so-called unlikely-to-pay loans after that. ($1 = 0.8639 euros) (Reporting by Massimo Gaia, writing by Valentina Za, editing by Francesca Landini)

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