Nuova Cassa di Risparmio di Ferrara S.p.A. known as Nuova Carife ew Carifein short, was an Italian bank, based in

Ferrara Ferrara (, ; egl, Fràra ) is a city and ''comune'' in Emilia-Romagna, northern Italy, capital of the Province of Ferrara. it had 132,009 inhabitants. It is situated northeast of Bologna, on the Po di Volano, a branch channel of the main stream ...

, 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). The old Carife was under

administration Administration may refer to: Management of organizations * Management, the act of directing people towards accomplishing a goal ** Administrative assistant, Administrative Assistant, traditionally known as a Secretary, or also known as an admini ...

from 2013 and 2015, and now being liquidated as a

bad bank A bad bank is a corporate structure which isolates illiquid and high risk assets (typically non-performing loans) held by a bank or a financial organisation, or perhaps a group of banks or financial organisations. A bank may accumulate a large por ...

. Nevertheless, Nuova Carife was a short-lived bank, which was acquired by

BPER Banca BPER Banca S.p.A., formerly known as Banca Popolare dell'Emilia Romagna S.C., is an Italian banking group offering traditional banking services to individuals, corporate and public entities. The company is based in Modena and is a constituent of ...

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 In law, a legal person is any person or 'thing' (less ambiguously, any legal entity) that can do the things a human person is usually able to do in law – such as enter into contracts, sue and be sued, own property, and so on. The reason for ...

of the bank, Fondazione Cassa di Risparmio di Ferrara (Fondazione Carife) survived as a charity organization.

History

Cassa di Risparmio di Ferrara

Found in 1838 by Count

Alessandro Masi Alessandro is both a given name and a surname, the Italian form of the name Alexander. Notable people with the name include: People with the given name Alessandro * Alessandro Allori (1535–1607), Italian portrait painter * Alessandro Baricco ...

, Cassa di Risparmio di Ferrara was one of the oldest savings bank ( it, cassa di risparmio) after

Bologna Bologna (, , ; egl, label= Emilian, Bulåggna ; lat, Bononia) is the capital and largest city of the Emilia-Romagna region in Northern Italy. It is the seventh most populous city in Italy with about 400,000 inhabitants and 150 different nat ...

(since 1837),

Spoleto Spoleto (, also , , ; la, Spoletum) is an ancient city in the Italian province of Perugia in east-central Umbria on a foothill of the Apennines. It is S. of Trevi, N. of Terni, SE of Perugia; SE of Florence; and N of Rome. History Spolet ...

(since 1836; renamed and relocated in 2012; closed 2016) and

Rome , established_title = Founded , established_date = 753 BC , founder = King Romulus (legendary) , image_map = Map of comune of Rome (metropolitan city of Capital Rome, region Lazio, Italy).svg , map_caption ...

(1836; now defunct) in the

Papal States The Papal States ( ; it, Stato Pontificio, ), officially the State of the Church ( it, Stato della Chiesa, ; la, Status Ecclesiasticus;), were a series of territories in the Italian Peninsula under the direct sovereign rule of the pope fro ...

(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 A mount of piety is an institutional pawnbroker run as a charitable organization, charity in Europe from Renaissance times until today. Similar institutions were established in the colonies of Catholic countries; the Mexican Nacional Monte de Pie ...

of Ferrara (found 1508), Banca di Portomaggiore, Monte di Credito su Pegno di Comacchio and Banca Popolare Cooperativa di Argenta. An Italian law enacted in 1927 requires the savings bank to merge with bigger bank if it was under a certain size. In December 1991, the bank daily operation and ownership also split into a ''

società per azioni ''Società'' (Italian: ''Society'') was an Italian communist cultural magazine published in Italy between 1945 and 1961. History and profile ''Società'' was founded as a quarterly magazine in Florence in 1945. The founders were Ranuccio Bianchi ...

'' and

Fondazione Cassa di Risparmio di Ferrara Nuova Cassa di Risparmio di Ferrara S.p.A. known as Nuova Carife ew Carifein 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 Rispar ...

(Fondazione Carife). 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 Banca may refer to: Places * Bangka Island, an island lying east of Sumatra, part of Indonesia * Banca, Pyrénées-Atlantiques, a commune of the Pyrénées-Atlantiques ''département'', France * Banca, Tasmania, a locality in Tasmania, Australia * ...

in 2010), 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 Banca Centropadana Credito Cooperativo, Società Cooperativa is an Italian cooperative bank based in Guardamiglio, Lombardy. The bank was a member of Federazione Italiana delle Banche di Credito Cooperativo - Casse Rurali ed Artigiane (''Federcass ...

in 2014) 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, Banca Modenese, Banca di Credito e Risparmio di Romagna and Finproget. Eventually Banca Popolare di Roma and Banca Modenese became divisions of the bank.

Insolvency

In 2013 the bank was under special

by the Ministry of Economy and Finance. 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.

Fondo Interbancario di Tutela dei Depositi Fondo Interbancario di Tutela dei Depositi (FITD) is an Italian Deposit insurance, deposit guarantee fund founded in 1987. The fund became a mandatory scheme by the EU Deposit Guarantee Schemes Directive (94/19/EEC). However, the cooperative banks ...

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 The Bank of Italy (Italian: ''Banca d'Italia'', informally referred to as ''Bankitalia''), (), is the central bank of Italy and part of the European System of Central Banks. It is located in Palazzo Koch, via Nazionale, Rome. The bank's curre ...

and the

European Commission The European Commission (EC) is the executive of the European Union (EU). It operates as a cabinet government, with 27 members of the Commission (informally known as "Commissioners") headed by a President. It includes an administrative body o ...

), but they were bail-out by Italian National Resolution Fund ( it, 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 A bank is a financial institution that accepts deposits from the public and creates a demand deposit while simultaneously making loans. Lending activities can be directly performed by the bank or indirectly through capital markets. Because ...

was in force in Italy. The

was the national resolution authority of the

Single Resolution Mechanism The Single Resolution Mechanism (SRM) is one of the pillars of the European Union's European Union banking union, banking union. The Single Resolution Mechanism entered into force on 19 August 2014 and is directly responsible for the resolution ...

. The Italian National Resolution Fund had also injected a further €1.7 billion in total to the 4 banks to cover the losses. 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 Deposit insurance or deposit protection is a measure implemented in many countries to protect bank depositors, in full or in part, from losses caused by a bank's inability to pay its debts when due. Deposit insurance systems are one component of ...

) 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. 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.

Nuova Carife

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. The bank had a Tier 1 Capital ratio of an estimated 9% in a group (consolidated) basis. The bad debt of the old bank was transferred to a single "bad bank"

REV - Gestione Crediti Rev or Rév may refer to: Abbreviations Rev. * Rev., an abbreviation for revolution, as in Revolutions per minute * Rev., an abbreviation for the religious style The Reverend * Rev., the abbreviation for Runtime Revolution, a development environ ...

, which was shared with Carichieti, Banca Etruria and Banca Marche. While the old bank would be liquidated, which the shareholders and subordinated bond holders would receive nothing due to bail-in. , the banking group had an equity of €161 million and a CET1 Capital Ratio of 8.22%. 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. On 2 March 2017

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. At 31 December 2016 Carife Group had a negative net equity of €66 million, 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. The bank was also recapitalized by the national resolution fund for €290 million. On 30 June, the takeover was completed. On 1 July, a plan to absorb Nuova Carife into

was announced. It was completed in the same year.

Shareholders

was the owner (54.82%) and parent entity of the old Carife, which took most of the charity function from the bank itself since 1992.

Banca Popolare di Cividale Banca Popolare di Cividale is an Italian cooperative bank based in Cividale del Friuli, Friuli - Venezia Giulia. History Banca Popolare di Cividale società cooperativa a responsabilità limitata was found in 1886. In 2000 the bank acquired the co ...

and

Banca Popolare di Puglia e Basilicata Banca Popolare di Puglia e Basilicata S.C.p.A. is an Italian cooperative bank based in Altamura, in the Province of Bari, Apulia. The bank had 137 branches covered 12 out of 20 regions of Italy. However, they were located mainly in Southern Italy: ...

also owned 0.72% and 0.23% shares of old Carife respectively;

Banca Popolare di Bari Banca Popolare di Bari S.C.p.A. (BP Bari) is an Italian bank based in Bari, Apulia region. The bank covers most of mainland Italy (13 of 18 regions), except Piedmont and Liguria, and all the autonomous regions of Italy: Aosta Valley, Trentino – S ...

and

Banca Valsabbina Banca may refer to: Places * Bangka Island, an island lying east of Sumatra, part of Indonesia * Banca, Pyrénées-Atlantiques, a commune of the Pyrénées-Atlantiques ''département'', France * Banca, Tasmania, a locality in Tasmania, Australia * ...

did not disclosed their ownership ratio, but write-down the value of the shares in 2013 financial year. , 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 as the relic of previous cross-ownership. The new Carife was owned by Italian National Resolution Fund ( it, Fondo Nazionale di Risoluzione) from 2015 to 2017, a transitional fund that would eventually merge into

Single Resolution Fund The Single Resolution Mechanism (SRM) is one of the pillars of the European Union's banking union. The Single Resolution Mechanism entered into force on 19 August 2014 and is directly responsible for the resolution of the entities and groups di ...

of the European Union.

was the last owner of the bank.

Banking foundation

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 ''

'', 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. The foundation had supported the restoration of Santa Maria in Vado, Ferrara as well as a painting by

Bastianino Sebastiano Filippi (or Bastianino; ca. 1536 – 23 August 1602) was an Italian late Renaissance – Mannerist painter of the School of Ferrara. Biography He was born in Lendinara to a painter, Camillo Filippi, who had worked under Dosso Dossi. ...

Ferrara Cathedral Ferrara Cathedral ( it, Basilica Cattedrale di San Giorgio, ''Duomo di Ferrara'') is a Roman Catholic cathedral and minor basilica in Ferrara, Northern Italy. Dedicated to Saint George, the patron saint of the city, it is the seat of the Archb ...

, and ''Resurrezione '' in Oratorio dell'Annunziata, Ferrara.

Equity investments

;banks *

Banca Carim Banca Carim – Cassa di Risparmio di Rimini S.p.A. was an Italian savings bank based in Rimini, Emilia-Romagna. The bank mainly active in the area around Rimini. History The bank was found in 1840 as Cassa di Risparmio di Rimini (Carim in short) ...

(0.37968%) *

(0.56151%) *

(1.08815%) *

(0.36269%) *

(1.43988%) *

Cassa di Risparmio di Cento Cassa di Risparmio di Cento S.p.A. (known as CR Cento or Caricento in short) is an Italian savings bank based in Cento, Emilia-Romagna, which serve the Province of Ferrara, Bologna and Modena. History The bank was found on 26 April 1844 in Cento, ...

(0.04975%) *

Cassa di Risparmio di Cesena Cassa di Risparmio di Cesena S.p.A. also known as Carisp Cesena in short, was an Italian savings bank based in Cesena, in the province of Forlì-Cesena, Emilia-Romagna region. The bank had branches mostly in Emilia-Romagna region (87%; Forlì-Ces ...

(0.06257%) *

Istituto Centrale delle Banche Popolari Italiane Nexi S.p.A. formerly known as Istituto Centrale delle Banche Popolari Italiane S.p.A. (ICBPI) is an Italian bank that specialises in payment systems such as Nexi Payments (formerly known as CartaSi). The bank was specialised as a central institu ...

(0.00094%; sold in 2017) ;other companies * Compagnia Investimenti Sviluppo (0.98490%) * (0.56123%)

References

External links

*
Banking foundation of Cassa di Risparmio di Ferrara
{{Authority control Defunct banks of Italy Bank failures Companies based in Ferrara Banks established in 1838 Banks disestablished in 2015 Re-established companies Banks established in 2015 Banks disestablished in 2017 BPER Banca Italian companies established in 1838 Italian companies disestablished in 2015