In the prosecutor’s office the Ivass report on Eurovita
There is a report from IVASS at the base of the file opened by prosecutor of Milan on the case of Eurovita. According to what has been reconstructed, following the inspection conducted last year on the company, the Supervisory Authority has started the report to the prosecutor’s office. At the moment the file is no suspects or crimes.
The June 30 deadline
In the meantime, the next 30 June expires extraordinary administration of the company and the blocking of redemptions. The only thing missing from the definition of the bailout agreement is the filing of some detailsaccording to what has been learned. The structures of the Mef are closely following the negotiations, with the hypothesis of a government intervention if it is not possible to formalize the “system” agreement by June 30th. What in recent weeks had looked like it main rock – the contribution of the big banks in support of the small ones – would however been resolved. In the event of an agreement, the buy-in freeze would be extended until September 30th next.
The conclusions of the inspection
As revealed by Truth&Businessthe Ivass inspection revealed, among other things, “in recent years, one overestimation of own funds it’s a incorrect determination of the capital requirement”. That is, a calculation of the Solvency II by the untruthful company. Among other things, the company had a Solvency historically lower than the sector average. To make the situation worse with the rate hikea change of wallet carried out in 2021 which had brought Eurovita to sell BTPs to invest in government bonds French and Germans. And, to balance the lower yieldsin high risk and/or illiquid securities.
The loss of Cinven
Between December and January 2023, Eurovita Holding e Eurovita have seen Solvency fall below regulatory minimum by 100%. Despite the solicitations of IVASS, the shareholder Cinwen did not recapitalize the company. Except then, with Eurovita already controlled, to inject 100 million euros grant at the end of February 2023. Between this, a previous advance and the write-down of the asset to zero in the parent company’s financial statements, the loss for the fund was about 500 million of Euro.