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Report: Italian Treasury gets green light to invest in bank fund Atlante

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Report: Italian Treasury gets green light to invest in bank fund Atlante

Legal changes in Italy announced during the week of May 2mean that the country's Treasury could begin investing in , Italy's bank fund that will buy unwanted stockin the forthcoming series of Italian bank rights issues as well as securitizedbad bank debt.

Under a new decree, the Treasury is able to invest up to€600,000 in Società per la Gestione di Attività, an investment vehiclecurrently owned by IntesaSanpaolo SpA, Reuters reported May 4, citing a government source. Inturn, Società per la Gestione di Attività is now allowed to turn to the marketto buy credits and other financial assets, including those related to Atlante,the source told Reuters.

In a separate Reuters report from May 4 aboutAtlante, Economy Minister Pier Carlo Padoan said , whichis controlled by Italy's Treasury, would not raise its holdings in the bankfund in order to adhere to EU rules on state aid.