Financial Industry Alert | March.29.2017
During 2016, Banca Popolare di Bari (the "Bank") became the first in Italy to implement as originator a securitisation of non-performing loans (the "Securitisation"). The Bank then requested that the Italian Ministry of Economy and Finance ("MEF") issue the state guarantee on the senior notes of the Securitisation (the "GACS").
The granting of the GACS is regulated in accordance the Law-Decree 18/2016 (the "Law Decree"), converted, with amendments, by Law 49/2016 (the "Gacs Law), and as implemented by the MEF Decree of 8 August 2016.
Following the application of the Bank and the appointment of the Monitoring Trustee (as provided in article 3, paragraph 3 of the Gacs Law), the MEF by a Ministerial Decree dated 25 January 2017, granted for the first time in Italy the GACS on the senior notes issued in the context of the Securitisation.
JP Morgan Securities PLC acted as arranger.
Prelios Credit Servicing is servicer of the transaction.
Also, Banca IMI, PwC, BNP Paribas, Securitisation Services and Zenith Service were part of the transaction.