A speculators' "bonanza" in
snapping up Non-Performing Loans (NPLs) at as much as 18-20%
interest has been ended by the Italian financial sector's new
Atlante Fund, Cariplo Foundation President Giuseppe Guzzetti
said Thursday. The foundation set up the new fund with the
Quaestio capital management firm to help weaker banks, with
stronger banks chipping in. He said it would be an even more
"major" move if backed by a government decree. The financial
industry approved a government-backed plan Monday to set up the
privately financed fund to buy up shares in struggling Italian
lenders and to take on their non-performing loans.
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