Cassa di Risparmio di Ferrara

Nuova Cassa di Risparmio di Ferrara S.p.A. known as Nuova Carife [New Carife] in short, was an Italian bank, based in Ferrara, Emilia-Romagna. Nuova Carife was founded on 22 November 2015 as a good bank that spin off from the original Cassa di Risparmio di Ferrara S.p.A. (Carife).[4] The old Carife was under administration from 2013 and 2015, and now being liquidated as a bad bank. Nevertheless, Nuova Carife was a short-lived bank, which was acquired by BPER Banca in 2017 from Italian Resolution Fund, becoming branches of the banking group in the same year. The former majority shareholder and the old legal person of the bank, Fondazione Cassa di Risparmio di Ferrara (Fondazione Carife) survived as a charity organization.

Nuova Cassa di Risparmio di Ferrara
Nuova Carife
Native name
Nuova Cassa di Risparmio di Ferrara S.p.A.
Formerly
  • Cassa di Risparmio di Ferrara
  • Cassa di Risparmio di Ferrara S.p.A.
subsidiary
Industryfinancial services
Fate
  • foundation and banking activities were split in 1991;
  • was nationalized in 2015;
  • was acquired and became branches of BPER Banca in 2017
Successor
BPER Banca branches(banking activities)
Carife Foundation(charity only)
Founded1838
Defunct20 November 2017
Headquarters,
Italy
Number of locations
105 branches[1]:9 (2016)
Key people
Giosuè Boldrini(chairman)[2]
Antonio Rosignoli(general manager)
Servicesretail and corporate banking
00(€0220 million) (2016)
Total assetsDecrease €2.630 billion (2016)
Total equityDecrease(€0066 million) (2016)
OwnerBPER Banca (100%)
ParentBPER Banca
DivisionsBanca Modenese
Subsidiaries
  • Banca Farnese
  • Carife SIM
  • Carife Servizi Evolutivi Integrati
Capital ratioDecrease −4.78% (CET1, Dec.2016)[1]:225
RatingWithdrew rating (Moody's, 7 March 2013)[3]
Websitewww.carife.it
Footnotes / references
in consolidated financial statement;[1] based on last available data

HistoryEdit

Cassa di Risparmio di FerraraEdit

Found in 1838 by Count Alessandro Masi, Cassa di Risparmio di Ferrara was one of the oldest savings bank (Italian: cassa di risparmio) after Bologna (since 1837), Spoleto (since 1836; renamed and relocated in 2012; closed 2016) 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.[5] An Italian law enacted in 1927 requires the savings bank to merge with bigger bank if it was under a certain size.[6][7]

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).[8]

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[9]), Banca Popolare di Roma [it][10] and Credito Veronese (Creverbanca) in 2003. In 2004 the bank acquired Finproget. In 2005 Banca Modenese and Banca Farnese (some branches of the latter was sold to Banca Centropadana in 2014[11]) 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,[12] Banca Modenese, Banca di Credito e Risparmio di Romagna and Finproget.

Eventually Banca Popolare di Roma[13] and Banca Modenese became divisions of the bank.

InsolvencyEdit

In 2013 the bank was under special administration by the Ministry of Economy and Finance.[14] The last annual report of the bank shown the group had a shareholders' equity of €374 million, with a Tier 1 capital ratio of 6.41% as at 31 December 2012.[15]

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 the Bank of Italy and the European Commission),[16][17][18] 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. The Bank of Italy was the national resolution authority of the Single Resolution Mechanism.[19]

The Italian National Resolution Fund had also injected a further €1.7 billion in total to the 4 banks to cover the losses.[20]

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.[21] 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.[22]

Nuova CarifeEdit

On 22 November 2015 a "good bank" Nuova Cassa di Risparmio di Ferrara S.p.A. (Nuova Carife), was formed, with a share capital of €191 million.[23] The bank had a Tier 1 Capital ratio of an estimated 9% in a group (consolidated) basis.[24] 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.[25] While the old bank would be liquidated, which the shareholders and subordinated bond holders would receive nothing due to bail-in.

As of 31 December 2015, the banking group had an equity of €161 million[26]:52 and a CET1 Capital Ratio of 8.22%.[26]:205

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.[27][28]

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.[29] 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 (the net book value after write-down was not disclosed in the press release) were sold to Atlante II and Credito Fondiario for a price equal to around 19% of the gross book value.[30] The bank was also recapitalized by the national resolution fund for €290 million.[31] On 30 June, the takeover was completed.[31][32]

On 1 July, a plan to absorb Nuova Carife into BPER Banca was announced.[33] It was completed in the same year.

ShareholdersEdit

Fondazione Cassa di Risparmio di Ferrara was the owner (54.82%)[34] 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 Basilicata also owned 0.72%[35] and 0.23% shares[36] of old Carife respectively; Banca Popolare di Bari and Banca Valsabbina did not disclosed their ownership ratio, but write-down the value of the shares in 2013 financial year.[37][38]

As of 31 December 2016, Nuova Carife also owned 1.08815% shares of BP Cividale, 0.36269% shares of BP Puglia e Basilicata, 0.56151% shares of BP Bari and 1.43988% shares of Banca Valsabbina[1] as the relic of previous cross-ownership.

The new Carife was owned by Italian National Resolution Fund (Italian: Fondo Nazionale di Risoluzione) from 2015 to 2017, a transitional fund that would eventually merged into Single Resolution Fund of the European Union.

BPER Banca was the last owner of the bank.

Banking foundationEdit

Fondazione Cassa di Risparmio di Ferrara known as Fondazione Carife, is an Italian charity organization based in Ferrara. The foundation was the old legal person of the savings bank Cassa di Risparmio di Ferrara, which an Italian banking law required all savings banks had to be incorporated as società per azioni, leaving a separation of the banking activity and charity function 1992.

The foundation was the major shareholder of Cassa di Risparmio di Ferrara until its failure. In 2015, all the shareholders and subordinated bond holders were bail-in the failure of the bank. The foundation had a net assets of €55,140,130 as at 31 December 2014, but including the shares of the bank which had an accounting value of €72,415,205.53.[39]

The foundation had supported the restoration of Santa Maria in Vado, Ferrara as well as a painting by Bastianino in Ferrara Cathedral, and Resurrezione in Oratorio dell'Annunziata, Ferrara.[40]

Equity investmentsEdit

As of 31 December 2016[1]:119
banks
other companies

See alsoEdit

savings bank from the provincial capital of Emilia-Romagna region

ReferencesEdit

  1. ^ a b c d e f "2016 Bilancio consolidato" (in Italian). Nuova Carife. 19 May 2017. Retrieved 15 June 2017.[permanent dead link]
  2. ^ "NUOVA CARIFE: Giosuè Boldrini Presidente e Antonio Rosignoli Direttore" (Press release) (in Italian). Nuova Carife. 3 July 2017. Retrieved 7 July 2017.[permanent dead link]
  3. ^ https://www.moodys.com/credit-ratings/Cassa-di-Risparmio-di-Ferrara-SpA-credit-rating-600051349
  4. ^ "Soluzione della crisi di quattro banche in amministrazione straordinaria" (in Italian). Banca d'Italia. 22 November 2015. Retrieved 13 February 2016.
  5. ^ "Chi siamo » Storia" (in Italian). Cassa di Risparmio di Ferrara. Archived from the original on 19 October 2014. Retrieved 6 April 2015.
  6. ^ "REGIO DEORETO-LEGGE 10 febbraio 1927, n. 269" (PDF). Gazzetta Ufficiale (in Italian). 68 (58). Rome. 11 March 1927 [written on 10 February 1927]. pp. 1067–1070 – via Agenzia per l'Italia Digitale.
  7. ^ "LEGGE 29 dicembre 1927, n. 2587 | Conversione in legge del R. decreto-legge 10 febbraio 1927, n. 269, recante modificazioni alle norme vigenti sull'ordinamento delle Casse ordinarie di risparmlose del Monti di pietà di 1ª categoria" (PDF). Gazzetta Ufficiale (in Italian). 69 (15). Rome. 19 January 1928 [written on 29 December 1927]. pp. 263–267 – via Agenzia per l'Italia Digitale.
  8. ^ "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.
  9. ^ "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.
  10. ^ "Carife acquista in due fasi l'85% della Banca Popolare di Roma" (in Italian). Cassa di Risparmio di Ferrara. 21 March 2003. Archived from the original on 9 May 2016. Retrieved 13 April 2016.
  11. ^ "CARIFE E BANCA FARNESE CEDONO ALCUNI SPORTELLI A BANCA CENTROPADANA" (PDF) (in Italian). Banca Centropadana Credito Cooperativo. 31 March 2014. Archived from the original (PDF) on 2 November 2014. Retrieved 6 April 2015.
  12. ^ "AVVISO AGLI AZIONISTI" (PDF) (in Italian). Banca Popolare di Roma. 25 July 2012. Archived from the original (PDF) on 9 May 2016. Retrieved 13 April 2016.
  13. ^ "Banca Popolare di Roma inaugura il nuovo "Spazio Consulenza"" (in Italian). Cassa di Risparmio di Ferrara. 24 May 2013. Archived from the original on 9 May 2016. Retrieved 13 April 2016.
  14. ^ "Banche, Carife commissariata dal Tesoro" (in Italian). milanofinanza.it. 31 May 2013. Retrieved 6 April 2015.
  15. ^ "2012 bilancio" (PDF) (in Italian). Cassa di Risparmio di Ferrara. 30 April 2013. Archived from the original (PDF) on 21 October 2014. Retrieved 8 March 2016.
  16. ^ "Comunicato Stampa". Fondo Interbancario di Tutela dei Depositi. 6 May 2015. Retrieved 19 April 2016.
  17. ^ Lolli, Stefano (14 January 2016). "Fondazione Carife al Tar contro il decreto "salvabanche"". Il Resto del Carlino (in Italian). Ferrara. Retrieved 8 March 2016.
  18. ^ "Fitd, 2 mld per salvataggi banche" [FITD, 2 billion to rescue banks] (in Italian). ANSA. 27 October 2015. Retrieved 9 April 2016.
  19. ^ "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.
  20. ^ "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.
  21. ^ "DECRETO-LEGGE 3 maggio 2016, n. 59" (in Italian). Italian Republic Official Gazette. 3 May 2016. Retrieved 21 July 2016.
  22. ^ "Accesso al Fondo di Solidarietà" (in Italian). FITD. Retrieved 21 July 2016.
  23. ^ "Statuto sociale" [Articles of association] (PDF). Nuova Cassa di Risparmio di Ferrara. 23 November 2015. Archived from the original (PDF) on 5 October 2016. Retrieved 7 March 2016.
  24. ^ "Chi siamo » Presentazione" (in Italian). Nuova Carife. Archived from the original on 12 January 2016. Retrieved 7 March 2016.
  25. ^ "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) (Press release) (in Italian). Bank of Italy. 29 January 2016. Retrieved 8 March 2016.
  26. ^ a b "2015 Bilancio Consolidato" (PDF) (in Italian). Nuova Cassa di Risparmio di Ferrara. 2016. Archived from the original (PDF) on 5 October 2016. Retrieved 14 November 2017.
  27. ^ "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) (Press release) (in Italian). Bank of Italy. 11 March 2016. Retrieved 9 April 2016.
  28. ^ "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. Archived from the original on 22 August 2016. Retrieved 9 August 2016.
  29. ^ "BPER Banca signs a contract to buy the entire share capital of Nuova C.R. Ferrara s.p.a." (PDF) (Press release). BPER Banca. 2 March 2017. Retrieved 15 June 2017.
  30. ^ "NUOVA CARIFE CEDE PORTAFOGLIO CREDITI DETERIORATI A FONDO ATLANTE II" (in Italian). Nuova Carife. 20 June 2017. Archived from the original on 14 November 2017. Retrieved 26 June 2017.
  31. ^ a b "BPER Banca completes the acquisition of Nuova Carife" (Press release). BPER Banca. 30 June 2017. Archived from the original on 14 November 2017. Retrieved 7 July 2017.
  32. ^ "NUOVA CASSA DI RISPARMIO DI FERRARA: "SODDISFAZIONE PER CLOSING CON GRUPPO BPER"" (Press release) (in Italian). Nuova Carife. 30 June 2017. Archived from the original on 14 November 2017. Retrieved 7 July 2017.
  33. ^ "Approved the Draft Terms of the Merger through absorption of Nuova Cassa di Risparmio di Ferrara S.p.A. into BPER Banca S.p.A." (PDF) (Press release). BPER Banca. 11 July 2017. Retrieved 3 September 2017.
  34. ^ "2013 Bilancio consuntivo" (PDF) (in Italian). Fondazione Carife. 13 October 2014. Retrieved 6 April 2015.
  35. ^ "2013 bilancio" (in Italian). Banca Popolare di Cividale. 21 October 2004. Retrieved 9 March 2016.
  36. ^ "2014 Bilancio" (PDF) (in Italian). Banca Popolare di Puglia e Basilicata. 26 March 2015. Retrieved 5 April 2016.
  37. ^ "2013 Bilancio" (PDF) (in Italian). Banca Popolare di Bari. 2014. p. 185. Retrieved 14 November 2017.
  38. ^ "2013 Bilancio" (PDF) (in Italian). Banca Valsabbina. 2014. Retrieved 14 November 2017.
  39. ^ "2014 Bilancio Consuntivo" (in Italian). Fondazione Cassa di Risparmio di Ferrara. 18 May 2015. Archived from the original on 9 March 2016. Retrieved 8 March 2016.
  40. ^ "L'attività della Fondazione Cassa di Risparmio di Ferrara per la Pinacoteca" (in Italian). Pinacoteca Nazionale di Ferrara. Retrieved 8 March 2016.
  41. ^ "Prospetto di Offerta" (PDF) (in Italian). Banca Carim. 2012. Archived from the original (PDF) on 27 March 2016. Retrieved 14 November 2017.

External linksEdit