Press Room

Banca d’Italia (Bank of Italy), the Commissione Nazionale per le Società e la Borsa (Consob), and the Istituto per la vigilanza sulle assicurazioni (Ivass) joined efforts to handle the issue of the treatment in financial statements of multi-originator transactions involving the transfer of portfolios of crediti deteriorati (non-performing loans) other than sofferenze (bad loans), namely unlikely-to-pay exposures, or UTPs, to shared investment funds, in exchange for participation shares issued by the same transferee funds. The matter has been covered in Documento n. 8 in materia di applicazione degli IAS/IFRS (Document No. 8 on the application of the accounting standards issued by the International Standard Accounting Board). The Supervisory authorities duly intervened on a topic of major interest, including for banking institutions, with a view to clear doubts on application and ensure homogeneity in the conduct of operators.

Source: Diritto Bancario [link]