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ARTICLE · 07 MARCH 2016

由意大利政府担保的意大利不良贷款：法令已批准（英文版）

Jones Day
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On February 14, 2016, the Italian Government approved the law decree that regulates, inter alia, the release of a guarantee by the Italian Government for non-performing loan transactions.

ItalyFinance and Banking
Francesco Squerzoni
Francesco Squerzoni
Mario Todino
Mario Todino
Vinicio Trombetti
Vinicio Trombetti
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On February 14, 2016, the Italian Government approved the law decree ("decreto-legge" or the "Decree") that regulates, inter alia, the release of a guarantee by the Italian Government for non-performing loan ("NPL") transactions.

As confirmed by the EU Commission, the guarantee released by the Italian Government would not constitute a state aid, subject to the terms set out by the EU Commission.

Summary of the Decree

According to the Decree, the guarantee of the Italian Government (the "Guarantee") can be released in the context of securitization transactions having the following features:

  • The NPL portfolio is sold to an Italian securitization vehicle ("SPV") that issues asset-backed securities/notes pursuant to the Italian securitization law (i.e., Italian law no. 130 of April 30, 1999).

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