by Andrea Fontana and Paolo Paronetto
3 & # 39; of reading
It will take "a few weeks" to finalize the intervention proposal for Carige, in which the interbank deposit protection fund is functioning today. This was explained to Radiocor, General Manager of the Fund, Giuseppe Boccuzzi, the day after the meeting of the Board of Directors of Volunteering, which in November already signed a bonus of more than 300 million euros issued by Carige and which on Monday decided to take the bank's management dossier first hand to study a global intervention with the banking system as its protagonist. The commissioners, however (who already had in early May excluding heavy cuts for personnel ), intervene with a letter to reassure employees.
The construction of a solution involving banks, Carige shareholders and new public and private partners, however, needs a first green record from the ECB's Supervisory Board that, between Tuesday and Wednesday, could give the project. According to what was rebuilt by Radiocor, the "system" solution and the alternative offer, that of the Apollo fund that raised the stakes on Monday night, will be on the board of Fitd's board meetings scheduled for mid-July to decide on the intervention. . Media assumptions speak of a recapitalization of some EUR 800 million needed to strengthen Carige and lay the foundations for the implementation of the industrial plan.
Boccuzzi (Fitd): Now working on analysis and planning, then shareholder
"First we will need an in-depth analysis of the business situation, then an update of the business plan, and only then will there be a definition of the capital structure," says Boccuzzi, who considers reconstructions on premature affairs (rumors call Mediocredito Centrale in question ) that they could intervene in the strengthening of capital and therefore in possession of the new Carige. However, the objective is to define a corporate structure that guarantees the stability of the Genoese bank for the period of time necessary to implement the business plan (the current business plan presented by extraordinary commissioners is 2019-2023) unless opportunities for exploration are taken advantage of. and therefore get out of the investment if they arise.
Apollo increases but banks remain cold
In addition to the "system" solution, the interbank fund is also the benchmark with regard to the offering for which Apollo is working: Last night, after banks considered the first proposal unattractive, the US fund did to arrive at the extraordinary commissioners of Carige with a new scheme of intervention. According to press reports, Apollo's direct commitment would have been raised above the initial 130 million euros and is accompanied by the request for a strong participation of the banks through the same interbank fund. The new offer will be evaluated from a technical and industrial design point of view by the Fitd structure, with the help of the advisors, and then submitted to the consortium bodies for any resolutions. However, a certain perplexity has already arisen on the part of the banks on the new hypothesis proposed by Apollo: the CEO of the Bpm Bank, Giuseppe Castagna – who spoke on the sidelines of an event in the Mediobanca – seemed skeptical about Apollo and open to intervention by the fund interbank. "Anyone can make proposals. It is obvious that the ideal would be if you made an interesting proposal. The Fund is there to avoid too many speculative deals. If anyone can intervene, he intervenes. "
Ubi is called again: no aggregation with Carige
According to some hypotheses, the system solution would pave the way for the acquisition of Carige by an Italian banking group, but the main suspects continue to deny all options in this regard. This morning, in an official note, Ubi Banca reiterated
absolutely no basis for any assumption of aggregation with Banca Carige '.