Associazione di Fondazioni e di Casse di Risparmio S.p.A. is an Italian banking association. The members were the saving banks (Italian: Casse di Risparmio or singular Cassa di Risparmio) of Italy, or the foundation that originate from the reform trigger by Legge Amato. Banks originated from mounts of piety also joined.
Contents
History
The association was found in 1912 as Associazione fra le Casse di Risparmio Italiane (ACRI). Due to Legge Amato, the saving banks became bank foundation and their respective limited company. After 25 years of merger, only 26 saving banks (and banks with mount of piety origins) survived as members, with the rest became part of Intesa Sanpaolo, UniCredit, UBI Banca, Banco Popolare, Banca Popolare dell'Emilia Romagna, Banca Popolare di Milano, Banca Popolare di Bari, Banca Popolare di Vicenza, Credito Valtellinese, Banca Carige, Banca di Asti, Crédit Agricole, Veneto Banca and other bank group. Moreover, Banca delle Marche, Cassa di Risparmio della Provincia di Chieti and Cassa di Risparmio di Ferrara were folded and refound by the national resolution fund; Cariparma and Biverbanca were not members of ACRI.
The surviving banks were either independent banks (such as Banca Carige, Banca Carim, Cassa di Risparmio di Cesena, Cassa di Risparmio di Cento, Südtiroler Sparkasse, etc.), subsidiaries (e.g. Banca CR Firenze and Carisbo) or minority owned by major bank group (Banca di Asti).
ACRI members (the foundations) also owned 18.4% stake collectively in Cassa Depositi e Prestiti. The members also involved in the investment fund F2i First and Second Fund.
In 2015 85 out of 86 member foundations of ACRI (except Fondazione Cassa di Risparmio di Fossano) had signed a Memorandum of understanding with Ministry of Economy and Finance for the new regulation on the assets of the foundations.
According to ACRI, the collective shareholders' equity of 87 out of 88 foundations were €41,243,344,914. (including non-member Roma and Pisa but data from Carige was missing) However, the value of the assets were based on the historic price, such as the price of the shares of the bank, which Fondazione Carife may suffered from the write down of the value of Carife, but Fondazione Cariverona may benefited from the increase in market value of UniCredit.
In 2016 the foundations were invited to invest back to banking sector by joining the private equity fund that aiming to recapitalize the weak bank and purchase the securitizated non-performing loan.