Italy strikes deal with EU to create «bad bank» for impaired loans

Brussels, Rabi’II 17, 1437, January 27, 2016, SPA — Italian Finance Minister Pier Carlo Padoan and the European Commission reached a deal Tuesday that will allow Italy to purge its banks of loans that are not likely to be repaid, according to dpa.
The deal would create a so-called bad bank in line with EU rules on state aid. Efforts to create a bad bank have been under way for several months.
Italian officials have long argued that the country’s tentative exit from recession has been hampered by bad debts, which have crippled its lenders and prevented them from finding the cash to finance growth-hungry firms.
EU Competition Commissioner Margrethe Vestager said Tuesday that she and Padoan had reached an “understanding … on the terms for setting up a guarantee scheme to support Italian banks in dealing with their non-performing loans,” following several hours of talks in Brussels.
Under the scheme, banks will be able to move non-performing loans into separately managed units, shifting them off their balance sheets.
The government will provide guarantees on the least risky, highest-value parts of the debt in an effort to encourage private investors to buy these securitized assets. If the guarantees are called upon, Italian taxpayers would ultimately foot the bill.
“The guarantees are to be priced at market terms, so do not constitute state aid,” Vestager said. The commission said it plans to monitor the scheme to ensure that this is the case.
The creation of a bad bank, together with other government reforms, “should further improve the banks’ ability to lend to the real economy and drive economic growth,” the commissioner added.
Padoan welcomed the deal, noting that it would create a “very useful instrument to manage the sufferings” of the Italian banking sector.
Several European Union countries have created bad banks, but there are constraints on the amount of public money governments can earmark to support them.

02:26 LOCAL TIME 23:26 GMT

Cambium Networks Appoints Robert Miller As Director, Global Defense & Security

– Recognized industry expert will lead sales and expansion across global defense and security markets – ROLLING MEADOWS, Illinois, Jan. 26, 2016 / PRNewswire / — Cambium Networks™, a leading global provider of wireless broadband solutions, today announced the appointment of Robert Miller to Director, Global Defense & Security. In this newly created position, he will lead […]

شركة كامبيوم نتويركس تعين روبرت ميلر مديرا لشؤون الدفاع والأمن العالمي بالشركة

الخبير المعترف به في الصناعة سيقود برامج المبيعات والتوسع عبر الأسواق الدفاعية والأمنية العالمية رولنغ ميدوز، إلينوي، 26 كانون الثاني/يناير، 2016 / بي آر نيوزواير / / بي آر نيوزواير / — أعلنت شركة “كامبيوم نتويركس”  Cambium Networks™ وهي شركة عالمية رائدة مزودة لحلول الموجة العريضة اللاسلكية، اليوم، عن تعيين روبرت ميلر في منصب مدير […]

Phoenix Motorcars Announces Order for 50 Zero Emissions Utility Shuttles (ZEUS) by L&R Group of Companies

Electric Vehicles Revolutionize Airport Shuttle Fleets ONTARIO, California, Jan. 26, 2016 / PRNewswire / — Phoenix Motorcars LLC., a manufacturer of electric vehicles for the fleet market, continues its rapid growth by accepting an order for 50 of its Zero Emissions Utility Shuttle (ZEUS) buses from WallyPark, Joe’s Airport Parking and Joe’s Auto Parks, all […]

Asia Plantation Capital Defends Its Title As ‘Best Sustainable Forestry Management Team’ 2015

GENEVA, Jan. 26, 2016 /PRNewswire/ — APC Group SA, an integral part of the global Plantation Capital Group and an award-winning sustainable plantation management company, officially opened its new management Head Office this month in Geneva, Switzerland. As a major, global economic hub, Geneva was identified as the ideal location for the strategic move in […]

Ukraine expects up to 10 billion dollars from foreign sources in 2016

Moscow, Rabi’II 16, 1437, January 26, 2016, SPA — Cash-strapped Ukraine expects to receive up to 10 billion dollars from foreign sources including the International Monetary Fund (IMF) this year, Finance Minister Natalie Jaresko said Tuesday, dpa reported.
“If we are focused on our programme of reforms, then including the IMF and other bilateral and multilateral sources, it will be up to 10 billion dollars,” Ukrainian state news agency Ukrinform reported Jaresko as saying at a cabinet meeting.
The IMF plans to extend at least 1.7 billion dollars in credit to Ukraine next month for the country to replenish its gold reserves, Ukrinform reported.
15:59 LOCAL TIME 12:59 GMT