January 9, 2019 / 2:31 PM / 8 months ago

Italy FITD fund has not decided yet on Carige request over hybrid bond terms

MILAN, Jan 9 (Reuters) - The head of Italy’s depositor guarantee fund FITD said on Wednesday the fund had not yet taken a decision on a request from Banca Carige to change the conditions of a hybrid bond.

“We have made a few reflections but no decision was expected today,” FITD president Salvatore Maccarone said.

FITD bought a 320 million euro ($367 million) hybrid bond late last year to help Carige to reach a required total capital threshold. The lender, however, failed to gain shareholder backing for an up to 400 million euro new share issue that would have been guaranteed by the bond’s conversion into equity. ($1 = 0.8717 euros) (Reporting by Gianluca Semeraro, writing by Stephen Jewkes)

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