Agreement by 30 June for Eurovita
The definition of one last step is missing: the guarantee on one billion credit line that the big banks would provide to policy placers. Fixed this point saving Eurovita will be able to go through, with an expected announcement for the June 29th or, more likely, the June 30th. The last few days of negotiations have smoothed out all the most critical aspects, according to what has been learned. And this last step should also be resolved shortly. Also thanks to government pressure and supervisory authorities (Ivass and Bank of Italy) on the various players involved.
Redemption freeze extended until September
Discounted the extension of the freeze on redemptions until September for i 353 thousand Eurovita customers. The further stop serves to have the execution time of the complex chord it involves five major insurance groups and a number of banking institutions. Eurovita’s assets will end up in a newco owned by Generali, Poste Vita, Intesa Vita, Unipol and Allianz. The company will be capitalized with 500 million euros and will have the task of managing Eurovita policies, customers and employees up to the stew between the companies.
The last knot
Policy placers will provide a line of credit from 4.5 billion which will serve to reimburse customers who wish to redeem Branch I policies, bringing the contracts to expiry in any case. Of these, one billion will come from Mediobanca, Intesa Sanpaolo, Banco Bpm, Bper and Mps and it will have to guarantee the redemptions of the customers of the smaller banks. Which could be put in difficulty from the point of view of liquidity in the face of mass redemptions.
Banks and companies
However, the pool of banks asked to be guaranteed by the five insurance companies. In turn unwilling to provide this guarantee. Yesterday this was the point still to be resolved. But the sources questioned say “certain” of a solution soon. Subsequently, the rescue will be examined by the board of directors of the various players involved. Finally, for 29 or 30 June, the announcement of Mef and Ivass on the agreement and extension of the redemptions