When does the Fund intervene

The Fondo di Garanzia degli Obbligazionisti intervenes in the event of non- compliance with the obligations by consortium Banks through:
  • the supply of means to the party responsible who has not honoured payment debt at maturity interest rate;
  • payment of the value of the securities in case of non-compliance with the obligation to capital at maturity by the obligor;
Moreover the Fund intervenes if the non- compliance occurs in the application of bank resolution measures pursuant Art. 60, lett. e), f), g) and i) of D.lgs. 16 novembre 2015, n. 180 (c.d. bail-in). 

The Fund does not intervene:
  • in the event of temporary suspension of payments ordered by the bank’s Special Commissioner ;
  • limited to the shares sold, in the event of transfer of the bank’s liabilities to a third party.
The Fund does not provide guarantee to:
  • subordinated bonds and generally all those characterized by derived elements or that confer to their holders the right to request a further performance and different from payment of interests or return of capital;
  • the securities held by member banks or other entities and by other parties responsible, those held directly or indirectly by statutory auditors and by the executive management of the Consortium Banks, in the event of transfer of securities which to took place as a result of the application of the measures provided in Articles 40, first paragraph letter b), 43, first paragraph, letter b), 46 del D.lgs. 16 novembre 2015, n.180.
As a result of the intervention, the Fund acquires the corresponding debt towards the bank issuer of securities in respect of which operation are performed.