Finance Commission in San Marino, ABS hearing addressed today
After the hearing in secret session of the top management of the Central Bank, the Finance Commission took place this afternoon at the Palazzo Pubblico the hearing of the San Marino banking association regarding the selection of the arranger for the system securitization.
Before the director of the San Marino Banking Association, Federico Giannithen, more in detail, thelawyer Matteo Mularoni of the law firm of the same name who followed him, illustrated the selection of the arranger for the system securitization which led to the choice of one shortlist of candidates: Kpmg and Jp Morgan.
He brings it back San Marino press agency in his dossier on this afternoon’s work of the Finance Commission.
The process was summarized in a letter sent today to the State Congress and distributed to the commissioners in the Chamber.
The NPL package that you will go to put on the market in the form of bonds amounts to 560 million euros, with a nominal value of 200 and the banks having already set aside more than 60%. Of the 200 million, 70% is covered by real guarantees.
L’the only bank not participating in the operation is bsihaving a residual value, while Cassa di Risparmio has not entered the Delta credits.
It will take between six and eight months to complete the operation for the first transfer window and next week, with the meeting with the banks, a definitive indication of the clash will be given to the State Congress based on the economic offer.
There were several questions posed by the directors, from the sustainability of the operation for which Emanuele Santi (Network) and Luca Boschi (Libera) asked, to the concerns of Pasquale Valentini (San Marino Christian Democratic Party) on the eventuality that they give in to the foreign real estate, up to banks that do not school.