What will happen to Amco del Mef?
Facts, names and rumors about the Amco sgr of the Ministry of Economy
The unpacking of the Treasury and the fate of Amco – one of the main operators specialized in the management of non-performing loans, with a leadership position in the management of UTPs,controlled by the MEF – are being followed with great attention by investors.
The premise is the recent takeover of Alessandro Rivera by Riccardo Barbieri , and the immediate announcement of a reorganization of the Department. The idea that has leaked into the newspapers is to split the Treasury in two, leaving the policy and public debt management part under Barbieri, and the state subsidiaries under a new director general (Antonino Turicchi?) of the newborn department.
For the moment, however, the Dpcm reorganizing the Treasury has not been presented or discussed in the Council of Ministers, and in any case it would be a non-immediate process.
Imminent, however, are the deadlines of many senior executives of the Treasury. Like Stefano Cappiello , Roberto Ciciani, Elena Comparato, Luigi Disanto. Figures closely trusted by Rivera, who are now in a cold sweat.
Cappiello, who is a Bank of Italy executive seconded to the Ministry of Economy, is perhaps in the most delicate position. In addition to the management of crucial banking dossiers (Mps in primis), he dealt a lot with Npl.
In fact, Cappiello is also the president of Amco, and that Amco's activism has long attracted the attention of investors who feel badly about the role of the state servicer , complaining of a sort of dumping on prices and an eye towards Intesa Sanpaolo and Unicredit (although I number one of Intesa Sanpaolo, Carlo Messina, months ago made remarks underlined in particular by Milano Finanza and Start Magazine ).
The latest episode in chronological order is represented by a loan to Risanamento for 50 million euro. Why Rehabilitation and not other dossiers? Without forgetting that many credit servicers had experienced Cappiello's presence with great fanfare at an event organized by Flavio Valeri of Gardant at Luiss last year with great annoyance.
Cappiello's presence was seen by some insiders as a sort of endorsement to Gardant by Cappiello.
Before the elections, it was Guido Crosetto who stigmatized Amco's bulimia. But it was literally another era. Crosetto is now the Minister of Defense and in recent times has no longer taken a position on the internal bodies of the Mef out of respect, of course, for the head of the Ministry of Economy, Giancarlo Giorgetti.
The fact remains that Cappiello's contract at the head of Directorate V of the Treasury expires next week and the AMCO presidency in April. In addition, even if Cappiello were confirmed in both positions (Treasury and AMC) he would sooner or later find himself serving two "masters": Barbieri, in his role as Treasury executive, and Turicchi, as president of the state subsidiary, Amco .
This is a machine translation from Italian language of a post published on Start Magazine at the URL https://www.startmag.it/economia/amco-ministero-economia-finanze-cosa-succedera/ on Thu, 16 Feb 2023 13:29:46 +0000.