Nuova Cassa di Risparmio di Ferrara

Nuova Carife
Native name
Nuova Cassa di Risparmio di Ferrara S.p.A.
Formerly called
  • Cassa di Risparmio di Ferrara
  • Cassa di Risparmio di Ferrara S.p.A.
Società per azioni
Industry Financial services
Successor Carife Foundation (charity only)
Founded
  • 1838
  • 13 December 1991 (1991-12-13) (S.p.A. and foundation spin-off)
  • 22 November 2015 (2015-11-22) (Nuova Carife)
Headquarters 108 Corso Giovecca, Ferrara, Italy
Key people
Roberto Nicastro (chairman)
Services Retail and corporate banking
Profit (€33.424 million) (December 2015)
Total assets €3.234 billion (2015)
Total equity Decrease €161.096 million (2015)
Owner Italian National Resolution Fund
Parent Italian National Resolution Fund
Divisions Banca Modenese
Capital ratio 8.22% (CET1)
Website carife.it
Footnotes / references
in consolidated basis[1]

Nuova Cassa di Risparmio di Ferrara S.p.A. known as Nuova Carife [New Carife] in short, is an Italian bank, based in Ferrara, Emilia-Romagna. Nuova Carife was found on 22 November 2015 as a good bank that spin off from the original Cassa di Risparmio di Ferrara S.p.A. (Carife).[2] The old Carife was under administration from 2013 and 2015, and now being liquidated .

History

Cassa di Risparmio di Ferrara

Found in 1838 by Count Alessandro Masi, Cassa di Risparmio di Ferrara was one of the oldest saving bank (Italian: Cassa di Risparmio) after Bologna (since 1837), Spoleto (since 1836; renamed and relocated in 2012) and Rome (1836; now defunct) in the Papal States (but not in the whole Italy). From 1927 to 1942 the bank acquired Cassa di Risparmio di Copparo, Banca Popolare di Bondeno, the local mount of piety (found 1508), Banca di Portomaggiore, Monte di Credito su Pegno di Comacchio and Banca Popolare di Argenta.[3]

In December 1991, the bank daily operation and ownership also split into a società per azioni and Fondazione Cassa di Risparmio di Ferrara (Fondazione Carife).[4]

In 1994 the group acquired Banca di Credito Agrario di Ferrara. In 2002 the bank acquired Commercio e Finanza – Leasing e Factoring as well as Banca di Treviso (sold to Banca Popolare di Marostica in 2010[5]), Banca Popolare di Roma[6] and Credito Veronese (Creverbanca) in 2003. In 2004 the bank acquired Finproget. In 2005 Banca Modenese and Banca Farnese (sold to Banca Centropadana in 2014[7]) were acquired. In 2008 Banca di Credito e Risparmio di Romagna joined the group. In 2012, Carife would be merged with its subsidiaries: Banca Popolare di Roma,[8] Banca Modenese, Banca di Credito e Risparmio di Romagna and Finproget.

Eventually Banca Popolare di Roma[9] and Banca Modenese became divisions of the bank.

Insolvency

In 2013 the bank was under special administration by the Ministry of Economy and Finance.[10] The last annual report of the bank shown the group had a shareholders' equity of €373.555 million, with a Tier 1 capital ratio of 6.41% as at 31 December 2012.[11]

Fondo Interbancario di Tutela dei Depositi had planned to bail-out Banca Marche, Banca Etruria, Carife, and CariChieti for more than €2 billion in late 2015 (€300 million for Carife announced on 6 May, subject to approval from Banca d'Italia and European Commission),[12][13][14] but they were bail-out by Italian National Resolution Fund (Italian: Fondo Nazionale di Risoluzione) instead, for a recapitalization of about €2 billion in total on 22 November. The 4 banks were the first bail-out in Italy since Bank Recovery and Resolution Directive was in force in Italy. Banca d'Italia was the national resolution authority of the Single Resolution Mechanism.[15]

The Italian National Resolution Fund had also injected a further €1.7 billion in total to the 4 banks to cover the losses.[16]

On 3 May 2016, Decree-Law N°59/2016 was announced, which the retail investors of the bond of the 4 banks would be refunded (up to €100,000, same as deposit insurance) if they purchased the bond on or before 12 June 2014, the date of Bank Recovery and Resolution Directive was passed in the European Parliament.[17] The decree-law was a response to criticism of the bail-in of all investor of the bank, which Italian bank often sold risky bond to their depositors. The refund scheme: Fondo di solidarietà, would be managed by FITD.[18]

Nuova Carife

On 22 November 2015 a "good bank" Nuova Cassa di Risparmio di Ferrara, was formed, with a share capital of €191 million.[19] The bank had a Tier 1 Capital ratio of 9% in a consolidated basis.[20] The bad debt of the old bank was transferred to a single "bad bank" REV - Gestione Crediti, which was shared with Carichieti, Banca Etruria and Banca Marche.[21] While the old bank would be liquidated, which the shareholders and subordinated bond holders would receive nothing due to bail-in.

In March 2016 a plan to absorb Commercio e Finanza was announced. Previously it was planned that the ex-subsidiary sold assets and liabilities to Nuova Carife.[22][23]

Shareholders

Fondazione Cassa di Risparmio di Ferrara was the owner (54.82%)[24] and parent entity of the old Carife, which took most of the charity function from the bank itself since 1992. Banca Popolare di Cividale and Banca Popolare di Puglia e Basilicataalso owned 0.72%[25] and 0.23% stake[26] of old Carife respectively.

The new Carife was owned by Italian National Resolution Fund (Italian: Fondo Nazionale di Risoluzione), a transitional fund that would eventually merged into Single Resolution Fund of the European Union.

See also

saving bank from the provincial capital of Emilia-Romagna

References

  1. "2015 Bilancio" (PDF) (in Italian). Nuova Cassa di Risparmio di Ferrara. 1 August 2016. Retrieved 20 August 2016.
  2. "Soluzione della crisi di quattro banche in amministrazione straordinaria" (in Italian). Banca d'Italia. 22 November 2015. Retrieved 13 February 2016.
  3. "Chi siamo » Storia" (in Italian). Cassa di Risparmio di Ferrara. Retrieved 6 April 2015.
  4. "Approvazione del progetto di ristrutturazione presentato dalla Cassa di risparmio di Ferrara" (in Italian). Italian Republic Official Gazette. 15 January 1992. Retrieved 7 March 2016.
  5. "Comunicato stampa congiunto cassa di risparmio di ferrara cede banca di treviso a Banca Popolare di Marostica" (in Italian). Banca di Treviso. 29 June 2010. Retrieved 6 April 2015.
  6. "Carife acquista in due fasi l'85% della Banca Popolare di Roma" (in Italian). Cassa di Risparmio di Ferrara. 21 March 2003. Retrieved 13 April 2016.
  7. "CARIFE E BANCA FARNESE CEDONO ALCUNI SPORTELLI A BANCA CENTROPADANA" (PDF) (in Italian). Banca Centropadana Credito Cooperativo. 31 March 2014. Retrieved 6 April 2015.
  8. "AVVISO AGLI AZIONISTI" (PDF) (in Italian). Banca Popolare di Roma. 25 July 2012. Retrieved 13 April 2016.
  9. "Banca Popolare di Roma inaugura il nuovo "Spazio Consulenza"" (in Italian). Cassa di Risparmio di Ferrara. 24 May 2013. Retrieved 13 April 2016.
  10. "Banche, Carife commissariata dal Tesoro" (in Italian). milanofinanza.it. 31 May 2013. Retrieved 6 April 2015.
  11. "2012 bilancio" (PDF) (in Italian). Cassa di Risparmio di Ferrara. 30 April 2013. Retrieved 8 March 2016.
  12. "Comunicato Stampa". Fondo Interbancario di Tutela dei Depositi. 6 May 2015. Retrieved 19 April 2016.
  13. Lolli, Stefano (14 January 2016). "Fondazione Carife al Tar contro il decreto "salvabanche"". Il Resto del Carlino (in Italian). Ferrara. Retrieved 8 March 2016.
  14. "Fitd, 2 mld per salvataggi banche" [FITD, 2 billion to rescue banks] (in Italian). ANSA. 27 October 2015. Retrieved 9 April 2016.
  15. "State aid: Commission approves resolution plans for four small Italian banks Banca Marche, Banca Etruria, Carife and Carichieti". European Commission. 22 November 2015. Retrieved 9 March 2016.
  16. "Information on resolution of Banca Marche, Banca Popolare dell'Etruria e del Lazio, Carichieti, and Cassa di Risparmio di Ferrara crises". Banca d'Italia. 22 November 2015. Retrieved 8 March 2016.
  17. "DECRETO-LEGGE 3 maggio 2016, n. 59" (in Italian). Italian Republic Official Gazette. 3 May 2016. Retrieved 21 July 2016.
  18. "Accesso al Fondo di Solidarietà" (in Italian). FITD. Retrieved 21 July 2016.
  19. "Statuto sociale" [Articles of association] (PDF). Nuova Cassa di Risparmio di Ferrara. 23 November 2015. Retrieved 7 March 2016.
  20. "Chi siamo » Presentazione" (in Italian). Nuova Carife. Retrieved 7 March 2016.
  21. "Nuova Cassa di Risparmio di Ferrara S.p.A.. Cessione dei crediti in sofferenza a REV - Gestione Crediti S.p.A., ai sensi del D.Lgs. 180/2015." (PDF) (in Italian). Banca d'Italia. 29 January 2016. Retrieved 8 March 2016.
  22. "Cassa di Risparmio di Ferrara S.p.A.. Modifica del programma di risoluzione, ai sensi del D.Lgs. 180/2015 e decorrenza degli effetti." (PDF) (in Italian). Banca d'Italia. 11 March 2016. Retrieved 9 April 2016.
  23. "Fusione per incorporazione di Commercio e Finanza S.p.A. in A.S. - Leasing e Factoring in Nuova Cassa di Risparmio di Ferrara S.p.A." (in Italian). Nuova Cassa di Risparmio di Ferrara. 2 August 2016. Retrieved 9 August 2016.
  24. "2013 Bilancio consuntivo" (in Italian). Fondazione Carife. 13 October 2014. Retrieved 6 April 2015.
  25. "2013 bilancio" (in Italian). Banca Popolare di Cividale. 21 October 2004. Retrieved 9 March 2016.
  26. "2014 Bilancio" (PDF) (in Italian). Banca Popolare di Puglia e Basilicata. 26 March 2015. Retrieved 5 April 2016.
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