EU extends Italy's bank bad loan scheme until May 2021
The European Commission said on Monday it had approved the extension of Italy’s state guarantee scheme to help banks sell bad loans, until May 2021, APAreports citing Reuters.
Under the “GACS” scheme, Italian banks can benefit from a state guarantee on the least risky tranche in bad loan securitization sales. The scheme was initially launched in 2016 and was last renewed in 2018.
Italy’s eurosceptic government adopted a renewed GACS scheme in March but it needed the EU’s green light to become operational.
On Monday, a day after EU elections, the European commission said its assessment of the scheme concluded that it was compliant with the bloc’s competition rules.
The scheme has helped Italian banks reduce a pile of bad loans accumulated during years of economic crisis which have hampered their ability to lend to firms and households.
The Commission estimated that the scheme allowed banks to sell 51 billion euros ($57 billion) of non-performing loans (NPLs) between February 2016 and November 2018.
In renewing the GACS scheme, Italy tightened the rules to increase protection for investors.
The Commission said the renewed scheme foresees adequate remuneration for state guarantees for lower-risk senior notes, making it compliant with state aid rules that are aimed at avoiding unfair subsidies.
The more risky funding tranches of the securitized NPLs will not be guaranteed by the state.
NTRC: 102 FM frequency owned by state, not under anybody’s ownership, never been proposed for sale
Vusala Mahirgizi: “APA Media Group hasn’t submitted any appeal regarding a radio frequency”
Vusala Mahirgizi: “An appeal has been addressed to law enforcement bodies in regard to persons abusing the title of APA news agency”
Baku hosts annual meeting of the World Association of Press Councils - PHOTO - UPDATED
Azerbaijani President allocated AZN 1 million for State Fund for Support of Mass Media Development - ORDER
About 3.3 mln. tonnes of oil transported through BTC in last month
Azerbaijani MES extinguishes the fire at "Sadarak" Shopping Centre in Baku - PHOTO - VIDEO - UPDATED-2
8 people provided with assistance in site, one taken to Clinical Medicine Center as a result of fire, hit Sadarak Shopping Center in Baku
Oil prices continue to decrease
MoD: Armenia violated ceasefire 24 times throughout
Coronavirus death toll in China rises to 1,868
Brazil says prolonged coronavirus outbreak would negatively affect economy
Russian state airline suspends some flights to China
Lavrov: "NATO does not solve Ukraine’s problems, only makes them worse"
Facebook warns of risks to innovation, freedom of expression ahead of EU rules
Russia ready to discuss INF-banned missiles deployment moratorium with France
Chinese doctors using plasma therapy on coronavirus, WHO says 'very valid' approach
Jeff Bezos pledges $10bn to fight climate change
Mexican president blames murder of young girl on past governments
United Nations calls for cease-fire in Idlib
Uighurs 'detained for beards and veils' - leak
Azerbaijani FM met with the European Commissioner for Trade Phil Hogan in Brussels
Court rules runaway patient in St. Petersburg undergo novel virus check
Azerbaijan increases excise tax on alcohol imports
Kyrgyz woman convicted to 4.5 years in jail for trying to sell her baby via internet
Bundesbank: German growth to remain weak in first quarter as coronavirus hits
Turkey, Russia strive to find solution to conflict in NW Syria
Russia sees no progress in implementing Normandy Four decisions, says Lavrov
Lavrov says he discussed arms control issues with Pompeo in Munich
Azerbaijan's Defense Minister attends the opening of military facilities
2 killed, dozens injured in highway pileup in South Korea
AZN 418 mln. surplus develops in execution of Azerbaijan’s state budget
Azerbaijan decreased oil production by 3,8 % in January
China may delay key parliament, political panel meetings
Iranian Foreign Ministry congratulates Azerbaijan
Azerbaijan’s economy grows by 2.4% in January
UK government announces £1.2 bln for "world’s most powerful weather and climate supercomputer"
Azerbaijani FM meets with European Commissioner for Trade
AZN 4.9 million allocated for construction of Hajigabul–Mughan road
Money transfers to Azerbaijan declined by 14 % last year
Iran's Health Minister: "No positive coronavirus case in Iran"
CEC chairman: “Footages in social networks cover violations committed in 3% of all polling stations”
First Russian passenger of cruise ship in Japan diagnosed with coronavirus
At least 8 killed in blast near Quetta Press Club in Pakistan
Lavrov: "Macron showed intention to hold dialogue with Russia"
TBC Bank plans to enter Azerbaijani market
CEC investigates 385 video footages
Turkish FM: "Turkish-Russian talks seek agreement on Idlib, Syria"
Appeals being reviewed at CEC’s meeting
4.2-magnitude earthquake hits Eastern Turkey
S&P warns coronavirus travel restrictions could hurt Dubai's hospitality industry
Lavrov: "US paving way to deploy intermediate and short-range missiles in Europe and Asia"
ADB may allocate technical assistance of USD 5.8 mln. for Azerbaijan in 2020-2022
Kremlin refutes claims that there are Russian troops in Libya
Burkina Faso church attack leaves 24 dead
Serie D coach sent off for slapping own player - VIDEO
Azerbaijani President: More than 80% of armed forces in the occupied lands are Armenian soldiers - UPDATED - VIDEO
Turkish Youtuber conducted survey on Khojaly Genocide in Armenia - VIDEO
5 people stranded on snowy road rescued in Azerbaijan - VIDEO
14 years pass since establishment of the Ministry of Emergency Situations: They always come to your aid in any difficult moments - PHOTOSESSION - VIDEO
First Vice-President Mehriban Aliyeva attended opening ceremony of rebuilt Azerbaijan pavilion at Exhibition of Achievements of National Economy in Moscow - UPDATED
Open Doors Day and the military oath-taking ceremony were held on the occasion of the State Flag Day
An exhibition that also presents President Ilham Aliyev's photo opened in Moscow
Azerbaijani President and first lady inaugurated Koroglu Transport Exchange Center of Baku Transport Agency - UPDATED
Xi warned officials that efforts to stop virus could hurt economy
Turkish, US defense chiefs discuss Syria, Iraq
Red Cross: Over 200 people injured in Beirut clashes between protesters, security forces
Azerbaijan sends next aid to China to fight coronavirus
Erdogan: Syrian Government will pay 'heavy price'