The Italian Investment Fund (Fondo Italiano di Investimento) set up by the Treasury, Cassa Depositi e Prestiti, ABI, Confindustria and leading Italian banks to sustain the capitalisation of Italian SMEs, has made a significant step forward.
On 24 August, Banca d'Italia appointed the fund manager and approved the fund's regulations. The deadlines announced by the finance minister at the press conference held in Milan on March 18 have therefore all been met.
The number of banks that have subscribed the Fund has also increased and now also include, besides Intesa SanPaolo, Unicredit and Monte dei Paschi di Siena, a large group of savings banks, which together have contributed € 200 million, of which € 100 million from Istituto Centrale delle Banche Popolari and € 20 million each from Credito Valtellinese, Banca Popolare di Milano, Banca Popolare dell'Emilia Romagna, UBI and Banca di Cividale.
Following the move, the capital managed by the fund increased to € 1.2 billion.