The times of the Eurovita bailout are getting longer
The will of find a solution for the Eurovita crisis is shared”by all the actors involved“, explains one of the sources questioned. But the knots to solve are still many and not only from a technical point of view. For that, one will in all likelihood be needed further extension of the freeze on redemptions with respect to the expiry of the receivership, next June 30th.
Time “strictly necessary”
A new date has not yet been defined and the hypothesis reported today by Mf of a postponement to July 30 has not been confirmed. Any additional time will be that “strictly necessary” to close an agreement extremely complex, the sources explain. And the will is still to arrive at a solution as soon as possible.
The stew
The scheme is still the one that emerged in April, with the Eurovita stew among the insurance companies. While the banks that have placed the products of the company should take over and bring to maturity the policies of those customers who wanted to leave. Among the insurance companies to take charge of the stew will be Intesa Vita, Poste Vita, Generali, Unipol and Allianz. It is not excluded that smaller companies may participate, to a lesser extent. The role of distribution banks is more complex. Between these Fideuram, Fineco, Sparkasse and a number of Banks of cooperative credit.
Meetings and contacts
A new meeting between the various actors involved in the rescue, after the one scheduled for May 17th. Even if “the contacts are practically daily for weeks now,” he explains.
The hypothesis of a further extension could have negative repercussions on the 353 thousand customers of Eurovita, holders of over 400 thousand policies for 15.3 billion in assets. So far, the appeals for calm awaiting the “system” solution have worked. But with the redemption freeze in effect since early february a further lengthening of could have repercussions on the whole life insurance sector.