Your GACS partner

OUR OFFER

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 15th, 2016 (then converted into Law No. 49/2016), and extended twice – lastly by the Law Decree No. 22 dated March 25th, 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:

LEVITICUS SPV

ACE OPERATION

Securitization of a EUR 7.4 billion portfolio of non-performing loans of Banco BPM

RIVIERA NPL

Riviera Operation

Securitization of a EUR 963 million portfolio of non-performing loans of Banca Carige

ARAGORN NPL 2018

ARAGORN Operation

EUR 1.7 billion credits by Credito Valtellinese

SIENA NPL 2018

Crystal operation

Securitization of EUR 25.4 billion of Monte dei Paschi di Siena

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

Portfolio Management

  • 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 and activities of Capital Markets

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

Management of securitizations

  • 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 Servicing

  • 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)

Special Servicer

  • Recovery activity as Special Servicer of all asset classes