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È INDISPENSABILE IN ITALIA
UN FONDO SALVA-CASA
Per i creditori e per i debitori l’attuale situazione è divenuta ormai insostenibile
Sui 120.100 immobili residenziali, con un valore medio di perizia = < a € 250.000,00,
che nel 2018 erano in esecuzione immobiliare, i creditori hanno recuperato
o recupereranno soltanto il 33%. Le famiglie debitrici perdono la casa e
restano indebitate tutta la vita. Le Leggi attualmente in vigore (e l’impostazione
culturale sottesa a queste leggi) non hanno risolto i problemi economici e sociali
già in corso che, anzi, si sono aggravati. Preso atto di questa situazione
lo scopo dell’iniziativa è attenuare l’impatto sociale delle centinaia di
migliaia di esecuzioni in corso (in questo e nei prossimi anni) sulle case
di famiglia, senza per questo penalizzare i legittimi diritti dei creditori.
Il FONDO SALVA CASA è un ammortizzatore sociale a rendimento, una tutela
molto equilibrata di tutti gli stakeholders. Riguarda principalmente (ma non
esclusivamente) i crediti ipotecari contratti a fronte di erogazione di mutui per
l’acquisto della prima casa. Si propone di creare un circolo virtuoso tra soggetto
debitore (famiglia), soggetto creditore (banca) promuovendo un veicolo di
investimento, per realizzare, con il consenso delle parti, un’operazione che garantisca
l’abitabilità della casa alla famiglia, la liquidazione del credito in sofferenza alla banca
ed una equa remunerazione del capitale investito. Là dove il soggetto creditore non
sia più una banca di riferimento perché ha già “venduto” i suoi NPL, il modello è
altrettanto replicabile. Abbiamo preparato il progetto, con l’appoggio dei migliori
tecnici sull’argomento, per condividerlo con il mondo finanziario, oggi penalizzato
dai risultati reali delle esecuzioni immobiliari.
Gli investitori potranno essere Fondazioni Bancarie, Fondazioni Private, Banche,
Casse di Previdenza, Fondi Pensione, altri investitori istituzionali. Il progetto mira
espressamente a collocare gli strumenti di investimento all’interno di un perimetro
istituzionale, che recepisce anche le indicazioni della Vigilanza.
L’obiettivo è quello di realizzare, limitando il ricorso a risorse pubbliche, una
modalità di uscita condivisa e normata tra creditore e debitore, assicurando cura
ed accompagnamento duraturo delle fragilità famigliari, innescate anche dalla crisi
finanziaria.
The conference
IMN’s 3rd Annual Investors’ Conference on Italian & European NPLs will return to Milan, Italy on 15 November 2018 to address the latest updates in the non-performing loan market. The conference will bring together leading representatives from major banks, private funds, law firms, rating agencies, service providers and more to discuss the industry’s pressing topics, including:
- Overview of Italy’s Banking Sector: Strengths, Weaknesses, Opportunities and Threats
- Overview of Key Government Efforts to Stabilise the Italian Banking Sector (insolvency and debt recovery proceedings, bank consolidation efforts)
- Investing in NPLs: Risk and Pricing Considerations for Investors
- Funding the Program: The Role of Securitisation in Fueling NPL Purchasing Power
- NPL Sellers’ Roundtable: Assessing the Impact of the Government Led Initiatives to Date
- Application to Other Mediterranean Economies: Implications for Spain, Portugal and Beyond
Who should attend
- Italian banks looking to re-capitalise
- Private funds looking to invest in NPLs
- Legal counsel
- Rating agencies
- Servicers
- Banks facilitating NPL transactions
Fitch Ratings-London-28 November 2017: Fitch Ratings has upgraded Centotrenta Servicing SpA (CS)’s Italian Residential, Commercial and ABS Master Servicer Ratings to ‘RMS2’, ‘CMS2’ and ‘ABMS2’ from ‘RMS2-‘, ‘CMS2-‘ and ‘ABMS2-‘, respectively.
Over the past 15 months, CS has increased the number of master servicing transactions to 62 from 33, across 20 sub-servicers (end-May 2016: 12). The upgrades reflect that Fitch’s view that this growth has been well-managed through effective capacity planning, appropriate new hires, and an organisational restructure to streamline the reporting hierarchy and improve business efficiency. CS has met its strategic corporate objectives and expanded its structure by almost 30% of the total workforce with no deterioration in the servicer’s performance. Average industry experience across the company remains strong; however; average company and role tenure remain low compared with peers’.
CS services portfolios across different assets and loan types, and across a variety of clients. This level of activity compares well with other Fitch-rated master servicers. In Fitch’s view CS’s portfolio and client diversification demonstrates the servicer’s flexibility and ability to establish good external relationships.
CS has strong sub-servicer oversight activity, which includes regular site reviews and scorecard assessments to ensure that sub-servicers’ capacity meet portfolio requirements. However, oversight activity is limited in scope compared with other Fitch-rated master servicers, who carry out loan credit decisions and has client money accounts, which is reflected in the ratings. In Fitch’s view CS’s reporting capabilities are strong; over the review period CS delivered a higher number and variety of reports than peers.
CS does not have a structured HR and training function as seen at Italian rated servicers, which is reflected in the current ratings. This is largely offset by sound contingency plans and by senior management remaining heavily involved in staff support. The ratings reflect CS’s new training policy setting out the minimum training requirements for new and existing employees, under the oversight of department heads. The first cycle has not yet been completed, hence Fitch could not fully assess the impact of this new policy. CS also receives training support from external professional partners. There has been no staff turnover, which in Fitch’s view, is also an indication that the current training framework is appropriate.
Over the review period, CS has introduced new features to its servicing platform aimed at improving automation and flexibility. In Fitch’s view, the enhancements ensure more controls around processes and reduce operational risk around activities, which previously required more manual work-around. The increased controls ensure a clearer audit trail and allow more efficiency. While the servicing platform has evolved and is fit for purpose; in Fitch’s view, the level of automation remains less advanced than at peers. CS’s disaster recovery and business continuity plans remain robust and compare well with other Fitch-rated Italian servicers’.
CS operates a three-line of defence risk management framework, comparable with highly rated peers. A specialist third-party has conducted a full annual internal audit review cycle of CS, which has led to Fitch giving more credit in its ratings analysis to the existence of appropriate controls. CS holds market-recognised certifications for IT security, quality, risk and compliance management of cloud services and its data centre. It continues to be audited by clients. This level of external audits compares well with peers.
CS’s master servicing portfolio comprises 1,543,875 loans (May 2016: 1,509,962 loans), with a gross book value of EUR6.934 billion (EUR4.166 billion), of which 28.9% loans are secured (16.6%) and 71.1% unsecured (83.4%). CS also acted as primary servicer on one portfolio with a gross book value of EUR15.5 million.
This rating action commentary is based on information provided to Fitch as of end-August 2017, unless stated otherwise.
The servicer ratings are based on the methodology described in ‘Criteria for Rating Loan Servicers’ dated 23 February 2017, which includes a comparison of similar Italian rated servicers and rated master servicers across EMEA as part of the review process.
Contact:
Primary Analyst
Mirella Tinti
Associate Director
+44 20 3530 1241
Fitch Ratings Limited
30 North Colonnade
London E14 5GN
Secondary Analyst
Jessica Buntin
Associate Director
+44 20 3530 1555
Committee Chairperson
Sanja Paic, CFA
Senior Director
+44 20 3530 1282
Media Relations: Stefano Bravi, Milan, Tel: +39 02 879 087 281, Email: stefano.bravi@fitchratings.com; Athos Larkou, London, Tel: +44 203 530 1549, Email: athos.larkou@fitchratings.com.
Additional information is available on www.fitchratings.com
Centotrenta Associate Sponsor IMN’s 2nd Annual Investors’ Conference on Italian & European NPLs
IMN’s 2nd Annual Investors’ Conference on Italian & European NPLs will return to Milan, Italy on 14 November to address the latest updates in the non-performing loan market. The conference will bring together leading representatives from major banks, private funds, law firms, rating agencies, service providers and more to discuss the industry’s pressing topics, including:
Overview of Italy’s Banking Sector: Strengths, Weaknesses, Opportunities and Threats
Overview of Key Government Efforts to Stabilise the Italian Banking Sector (insolvency and debt recovery proceedings, bank consolidation efforts)
Investing in NPLs: Risk and Pricing Considerations for Investors
Funding the Program: The Role of Securitisation in Fueling NPL Purchasing Power
NPL Sellers’ Roundtable: Assessing the Impact of the Government Led Initiatives to Date
Application to Other Mediterranean Economies: Implications for Spain, Portugal and Beyond
Who Should Attend:
Italian banks looking to re-capitalise
Private funds looking to invest in NPLs
Legal counsel
Rating agencies
Servicers
Banks facilitating NPL transactions
Centotrenta Exhibitor Sponsor di Conference on Italian European NPLs
Italy’s current stock of bad loans now totals a staggering 360 billion Euro outstanding, with the potential of an additional 40 billion Euro if loans continue to be devalued. The government, along with the private financial sector, have teamed up to deliver a number of creative solutions to help reform and stabilise Italy’s banking sector. One such solution is the sale and subsequent securitization of portfolios of non-performing loans, aimed at helping to re-capitalise banks and reduce the country’s huge stock of bad loans. However, questions still remain as to how the fund set up to buy these non-performing loans will be financed.
- Is a private bond market issue in the works?
- Will the country’s largest financial institutions be tasked with providing the capital?
- Can this scheme be applied to other European countries whose banks face similar challenges? If so, which countries are most likely to launch their own programs and when, and would a Pan-European ‘bad bank’ programme be appropriate?
- Should the ECB intervene and help bail out Italy in order to stave off a broader European Banking Crisis?
This one day conference set in Milan, Italy’s center of finance, will address these questions as well as the following topics:
- Overview of Italy’s Banking Sector: Strengths, Weaknesses, Opportunities and Threats
- Overview of Key Government Efforts to Stabilise the Italian Banking Sector (insolvency and debt recovery proceedings, bank consolidation efforts)
- Investing in NPLs: Risk and Pricing Considerations for Investors
- Funding the Program: The Role of Securitisation in Fueling NPL Purchasing Power
- NPL Sellers’ Roundtable: Assessing the Impact of the Government Led Initiatives to Date
- Application to Other Mediterranean Economies: Implications for Spain, Portugal and Beyond
Fitch Ratings-London-27 October 2016: Fitch Ratings has assigned Centrotrenta Servicing S.p.A.’s
(CS) Italian Residential, Commercial and Asset-Backed Securities (ABS) Master Servicer Ratings
at ‘RMS2-‘, ‘CMS2-‘ and ‘ABMS2-‘, respectively.
The ratings reflect CS’s role as a master servicer across a wide variety of Italian transactions,
with a significant level of sub-servicer oversight and robust quality controls. The ratings also
take into consideration that CS does not make any loan-level credit decisions or carry out cash
management. CS does not typically act as primary, special or back-up servicer on transactions
under management, as other rated master servicers do in EMEA. The business plan is to remain
independent from loan management. This corporate strategy is, in Fitch’s view, feasible as
demonstrated by the growth in the business over the past three years.
CS was established as a financial intermediary in 2011 and was granted the rights to perform
servicing activities in October 2012. The majority shareholder is Centotrenta Management S.r.l.
with a private equity holding a minority stake. The company’s founders are heavily involved in
business operations and are on the board of directors. Although CS only has a five-year history,
servicing activities were previously carried out under the Centotrenta Management brand. This
experience has been factored into Fitch’s analysis as it indicates the long-term engagement of the
senior management team, which provides the company with stability and strategic direction.
Since inception, the senior management team is unchanged although compared with other Italian
rated servicers, industry experience and company tenure are low.The majority of CS’s board
members, CS’s CEO and one department head previously worked for Centotrenta Management,
mitigating concerns over the SMT’s short company tenure.
Although the ratings reflect CS’s activity as a master servicer, Fitch acknowledges that CS
also undertakes other roles in securitisations such as advisory and restructuring, which provide
additional income streams. In Fitch’s view the diversification of revenues is good for the
sustainability of the business.
Neither CS nor its shareholders are Fitch-rated financial institutions, thus CS has been assessed
as a stand-alone entity. CS is debt free and self-funded. In Fitch’s view the servicer’s financial
condition is stable and sufficient to meet its medium-term objectives, which is taken into
consideration in the ratings. Since its inception CS has reported positive net profits, with a
significant increase in 2015. This was largely driven by the transfer of legal servicing rights from
the group level (Centotrenta Management) to the servicer, which took place in January 2015.
The ratings reflect that the majority of training offered by CS is ‘on the job’, but ongoing training
support to staff is additionally provided by external professional partners. Employees are
encouraged to attend seminars and other professional events. In Fitch’s view a structured training
framework, as seen at other rated Italian servicers, improves a servicer’s ability to identify and
manage operational risks associated with smaller teams, such as key person dependency. The lack
of a formal programme at CS is largely offset by no staff turnover and that senior management is
involved in staff support.
CS operates the three lines of defence risk management framework, in line with highly rated
servicers. Compliance, anti-money laundering and internal audit are outsourced to appropriate
specialist third parties. These functions report directly to CS’s board of directors, providing a fully
independent review of the servicer. CS is subject to significant market-recognised external audits
on IT security, quality, risk and compliance management of cloud services and its data centre,
which is not typically seen at other Italian rated servicers.
The ratings also reflect CS’s adequate technology. The main master servicing platform was built
in-house to provide efficient monitoring of sub-servicers, lawyers and portfolio performance. In
Fitch’s view the web-based system is user friendly and has strong reporting capabilities. However,
the level of automation is low compared with other Italian-rated servicers. Business continuity
and disaster recovery plans are fully documented and tested twice a year. The most recent test was
completed in June 2016 and resulted in no findings.
At end May 2016, CS’s servicing portfolio totalled EUR4.2bn, comprising around 1.5 million
loans. CS acted as master servicer on 99% of these loans, with the remainder representing a
primary servicing instruction. The master servicing portfolio consisted of 33 transactions with a
value of EUR4.17bn; 1.5% were residential loans, 23.9% were commercial loans and 74.6% ABS
loans.
The rating action commentary is based on information provided to Fitch at end-May 2016, unless
stated otherwise.
The servicer rating is based on the methodology described in ‘Rating Criteria for Structured
Finance Servicers’ dated 1 July 2016, which includes a comparison of Italian-rated servicers and
rated master servicers in EMEA as part of the review.
Contact:
Primary Analyst
Mirella Tinti
Associate Director
+44 20 3530 1241
Fitch Ratings Limited
30 North Colonnade
London E14 5GN
Secondary Analyst
Lauren Hipwood
Director
+44 20 3530 1612
Committee Chairperson
Sanja Paic, CFA
Senior Director
+44 20 3530 1282
Media Relations: Athos Larkou, London, Tel: +44 203 530 1549, Email:
athos.larkou@fitchratings.com.
Additional information is available at www.fitchratings.com.