Your GACS partner

Credito Fondiario is a leading operator in the securitization sector with GACS (“Garanzia sulla Cartolarizzazione delle Sofferenze”).

The GACS, introduced by a Law Decree No. 18 dated February 15^th, 2016 (then converted into Law No. 49/2016), and extended twice – lastly by the Law Decree No. 22 dated March 25^th, 2019, is a tool available to Italian banks in order to enhance deleveraging process in the sector.

Credito Fondiario has completed four securitization transactions with GACS, in which it has played a role both as master and special servicer:

Credito Fondiario stands for banks as a one-stop shop for all activities and services related to GACS:

• Assistance in optimizing the portfolio and the related database with a rating process
• Legal and real estate due diligence activities
• Formulation of the recovery business plan

• Structuring of securitization transactions and management of the rating process as Arranger

• Creation of securitization vehicles (as per Law No. 130/99)
• Corporate Servicer, Calculation Agent, Representative of Security Holders, Monitoring Agent, Paying Agent and Cash Manager
• Management of ReoCo, for the efficient disposal of real estate collateral

• Master Servicer of securitizations
• Focus on Special Servicer Oversight and monitoring of third-party special servicers, by an internal team solely dedicated to the control necessary to achieve predetermined performance indicators (KPIs)

• Recovery activity as Special Servicer of all asset classes