Italian State Guarantee for NPL Securitisations: Implementing Decree is Approved

Finance Law Alert

Decree of the Ministry of Economy and Finance containing implementing provisions (the "Implementing Decree") for State guarantees for securitisations of non-performing loans (Garanzia Statale sulla Cartolarizzazione delle Sofferenze) ("GACS") was approved on 3 August 2016. The GACS was first introduced by Article 13 of Decree no. 18 of 14 February 2016, as amended and converted by Article 1, paragraph 1 of Law no. 49 of 8 April 2016 (the "February Decree").

In this Finance Law Alert we describe the main provisions contained in the new Implementing Decree.

Edited by the Italian Finance Team: Patrizio Messina, Gianrico Giannesi, Annalisa Dentoni-Litta, Raul Ricozzi, and Madeleine Horrocks.