Seeking solutions: Italy’s Banks
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It
has been a bad year for bank stocks but Italian lenders have had it
particularly hard. Some hope lies with a new round of funding that opens
today for Atlante, a private bank-rescue fund orchestrated by the government
in April. Of the €4.25 billion ($4.7 billion) it raised then, €2.5 billion
was spent on saving two ailing northern banks. Atlante 2 is expected to
gather at least €2.4 billion, including some of the original fund, aiming to
kick-start the market for Italy’s €360 billion in non-performing loans—one-third
the euro-zone total. The first deal, expected in the autumn, will be for
Monte dei Paschi di Siena, Italy’s third-biggest and most troubled bank,
which fared worst under the European Banking Authority’s latest stress tests.
Italy’s fragmented banking system is one of Europe’s least-profitable;
consolidation looms. But banks will anyway struggle to get on track unless
economic growth picks up.
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» SEEKING SOLUTIONS: ITALY´S BANKS / THE ECONOMIST
viernes, 19 de agosto de 2016
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