Nuova Cassa di Risparmio di Ferrara

Nuova Cassa di Risparmio di Ferrara

Trading name	Nuova Carife
Type	public Società per azioni
Industry	Financial services
Predecessor	Cassa di Risparmio di Ferrara Cassa di Risparmio di Ferrara S.p.A.
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
Number of locations	105 branches[1]:9 (2016)
Key people	Giosuè Boldrini (chairman)[2] Antonio Rosignoli (general manager)
Services	Retail and corporate banking
Profit	00(€0220 million) (2016)
Total assets	€2.630 billion (2016)
Total equity	(€0066 million) (2016)
Owner	BPER Banca (100%)
Parent	BPER Banca
Divisions	Banca Modenese
Subsidiaries	Carife SIM Carife Servizi Evolutivi Integrati
Capital ratio	−4.78% (CET1, Dec.2016)[1]:225
Website	carife.it
Footnotes / references in consolidated financial statement[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).^[3] 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 Mutua Popolare di Bondeno, the local mount of piety of Ferrara (found 1508), Banca di Portomaggiore, Monte di Credito su Pegno di Comacchio and Banca Popolare Cooperativa di Argenta.^[4]

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).^[5]

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 (the latter was sold to Banca Popolare di Marostica in 2010^[6]), Banca Popolare di Roma^[7] and Credito Veronese (Creverbanca) in 2003. In 2004 the bank acquired Finproget. In 2005 Banca Modenese and Banca Farnese (the latter was sold to Banca Centropadana in 2014^[8]) were acquired. In 2008 Banca di Credito e Risparmio di Romagna joined the banking group. In 2012, Carife would be merged with its subsidiaries: Banca Popolare di Roma,^[9] Banca Modenese, Banca di Credito e Risparmio di Romagna and Finproget.

Eventually Banca Popolare di Roma^[10] and Banca Modenese became divisions of the bank.

Insolvency

In 2013 the bank was under special administration by the Ministry of Economy and Finance.^[11] 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.^[12]

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),^[13][14][15] 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.^[16]

The Italian National Resolution Fund had also injected a further €1.7 billion in total to the 4 banks to cover the losses.^[17]

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.^[18] 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.^[19]

Nuova Carife

On 22 November 2015 a "good bank" Nuova Cassa di Risparmio di Ferrara, was formed, with a share capital of €191 million.^[20] The bank had a Tier 1 Capital ratio of 9% in a consolidated basis.^[21] 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.^[22] 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.^[23][24]

On 2 March 2017 BPER Banca signed a contract to acquire Nuova Carife for a nominal fee of €1, with conditions that the national resolution fund recapitalized the bank, as well as selling the non-performing loan to the market.^[25] At 31 December 2016 Carife Group had a negative net equity of €66 million,^[1] due to heavy loan write-down during 2016 financial year. On 20 June, the bank announced that a gross book value of €343 million NPLs were sold to Atlante II and Credito Fondiario for a price equal to around 19% of the gross book value.^[26] The bank was also recapitalized by the national resolution fund for €290 million.^[27] On 30 June, the takeover was completed.^[27][28]

Shareholders

Fondazione Cassa di Risparmio di Ferrara was the owner (54.82%)^[29] 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%^[30] and 0.23% stake^[31] 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

• Cassa di Risparmio di Cento, saving bank based in Cento, in the Province of Ferrara.

saving bank from the provincial capital of Emilia-Romagna

• Cassa di Risparmio in Bologna, a subsidiary of Intesa Sanpaolo
• Cassa di Risparmio di Cesena
• Cassa di Risparmio di Modena, a predecessor of UniCredit
• Cassa di Risparmio di Parma e Piacenza, a subsidiary of Crédit Agricole
  • Cassa di Risparmio di Piacenza e Vigevano, a predecessor of Cassa di Risparmio di Parma e Piacenza
• Cassa di Risparmio di Ravenna
• Cassa di Risparmio di Reggio Emilia, a predecessor of Capitalia
• Cassa di Risparmio di Rimini

References

External links

• Official website (in Italian)

!--Cassa-Ferrara-->