Italy and the European Commission have agreed on the renewal of a state guarantee scheme aimed at facilitating the sales of bad bank loans.
The former centrist Italian government had approved a scheme entitled Garanzia sulla Cartolarizzazione delle Sofferenze (GACS) which provides financial guarantees for securitised transactions of Non-Performing Loans (NPLs) that allow lenders to offload bad assets.
The so-called ‘GACS’ scheme was due to expire on March 6, but the Italian government reac...
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