commiss decis juli give condit approv aid grant itali banco di napoli notifi document number italian text authent text eea relev ec commiss european commun regard treati establish european commun articl thereof regard agreement european econom area articl thereof accord abovement articl interest parti formal notic submit comment introduct banco di napoli public monetari institut law juli quot amato quot law adopt implement decre bank bank activ entrust joint stock compani separ public bodi social secur activ entrust transfer bodi foundat hold capit bank compani aid question foundat held equiti banco di napoli vote right treasuri held capit repres vote right sharehold capit repres vote right remain capit form save share vote right quot stock market banco di napoli group compos banco di napoli spa head hold compani compani control directli compani control indirectli major direct indirect hold present end nation territori branch locat south central northern itali addit network present abroad main subsidiari franc luxembourg germani great britain spain unit state america hong kong group activ cover area financi intermedi credit movabl immov properti activ factor leas manag trust fund unit trust merchant bank insur end banco di napoli rank seventh itali term total balanc sheet total consolid asset itl billion capit debt ratio minimum low profit profit financi year net asset ratio banco di napoli hereinaft quot bank quot incur sever loss itl billion itl billion virtual wipe asset made imposs compli prudenti ratio laid rule credit reason extens loss long time major refer point local bodi bank launch activ polici expans begin focus network branch loan larg industri group northern itali small medium size enterpris south time economi enter recess difficulti experienc debtor unsuit credit select method inadequ risk control procedur led loss loan bank public statu delai adjust increasingli competit environ adopt measur increas technic effici organis staff expenditur continu high exceed nation averag acquisit asset manag polici haphazard base criteria profit risk face firm invest insuffici monitor head group manag control system consist rule bodi relev financ supervis compani quot corpor govern quot prove inadequ deterior bank result chiefli due increas loan default imbal earn charg increas proport perform asset compel bank continu recours inter bank market increas cost resourc diminish profit financ difficulti led liquid crisi resolv mean debentur loan itl billion grant januari cassa dei depos prestiti bank march italian govern approv matter urgenc decre law reform restructur privatis banco di napoli spa decre law march decis juli notifi italian author letter august commiss initi procedur articl treati respect measur decre recapitalis itl billion treasuri advanc banca italia ministeri decre septemb tax concess time commiss decid measur assist bank implement constitut aid debentur loan itl billion grant cassa dei depos prestiti public privat credit institut januari capit inject quot amato quot law form measur compris aid possibl releas mandatori reserv deposit bank banca italia regard compat guidelin rescu restructur aid unlaw natur aid due fact notifi italian author subsequ inform commiss decre law approv amend preced decre order facilit assist privatis bank autumn bid invit bank equiti procedur end begin januari acquisit hold bank compani turn own istituto nazional le assicurazioni ina banca nazional del lavoro bnl meantim italian author decid increas bank capit end order prevent wound comment receiv commiss interest parti part procedur period descript public measur assist banco di napoli preliminari examin case commiss conclud initi procedur measur provid decre law replac amend decre law march element state aid mean articl ec treati stage basi inform time regard compat common market commiss ask clarif aid measur treasuri contribut increas bank capit total itl billion accord commit provid abovement decre possibl banca italia grant bank order facilit restructur group advanc treasuri decre septemb cover loss result financ measur bank assist group compani wound interest creditor tax measur relat registr fee fix flat rate itl million act relat transfer enterpris branch enterpris asset legal relationship establish member group june amend made abovement decre order speed restructur recoveri privatis bank decre law italian author made provis possibl set hive structur task manag liquid deconsolid itl billion bank perform asset provid acceler procedur dispos bank capit invit tender procedur provid treasuri decre octob specif measur treasuri particip banco di napoli capit increas decre law march amend decre law septemb convert law novemb seri financi measur reform restructur privatis bank provis made treasuri contribut capit contribut bank total itl billion contribut subject number condit impos italian author guarante commerci natur state measur treasuri fund contribut accompani fund bank institut investor undertak particip bid procedur control interest bank amount capit allow treasuri proce capit increas receiv preliminari offer bank find purchas bank treasuri fund grant equiti adjust basi assess bank asset march reason condit base treasuri contribut sharehold recent pictur bank asset write loss end quarter involv reduct net asset itl billion itl billion equiti itl billion itl billion loss quarter total itl billion carri forward end year decis incorpor month loss half yearli account base reason hand maintain minimum level capit order avoid statutori oblig wind bank hand treasuri minor sharehold bank obtain foundat major sharehold mandat manag share view success sale bank transact subject transfer treasuri guarante vote share bank held major sharehold foundat grant treasuri open mandat exercis vote attach share question order give major vote right meet decid capit increas renew social organ bank thirdli decre provid administr bodi bank adopt june restructur plan drawn assist expert appoint treasuri submit approv banca italia compli commun law main point plan drawn assist merchant banker rothschild notifi commiss juli amend plan involv set hive structur notifi commiss decemb fourthli treasuri fund grant condit trade union agreement conclud reduc labour cost decemb level unit cost includ social secur cost averag bank sector agreement conclud juli addit pension cost born bank equalis mechan suspend adequ level profit achiev event addit bank offer earli retir person advanc grant banca italia ministeri decre septemb order facilit restructur group articl law enabl banca italia grant bank advanc accord procedur treasuri decre septemb offset loss incur bank loan grant group compani wound fund grant creditor group compani receiv authoris banca italia loan properti asset bank treasuri decre septemb banca italia grant month advanc long term treasuri bond bank act surrog behalf depositor bank compulsori liquid requir write bad debt banca italia determin amount advanc basi extent loss write requir initi possibl advanc question limit loss arisen connect wind isveim possibl extend loss relat asset bank transfer specif hive structur part cover proce sale bank asset wind isveim april isveim bank hold enter voluntari liquid bank stake capit reduc itl billion end itl wind liquid reimburs isveim creditor due date liquid provid bank advanc banca italia intend compens bank loss incur result loan grant isveim enabl repai creditor intent protect fulli interest isveim creditor financ limit neg result wind procedur isveim asset cover commit transact intend prevent tension undesir effect entail financi market view extent involv foreign financi institut isveim hive vehicl hive oper enabl bank separ balanc sheet transfer number perform asset ad hoc structur hive structur compos sga società la gestion di attività spa sga acquir perform asset loan default doubt loan excess itl million claim restructur process restructur bank hold except properti asset total itl billion asset acquir net book june provis estim loss asset reduc risk futur loss asset hold transfer largest banco di napoli intern bni bank luxembourg branch quot stock exchang valu market rate net asset method bni valu basi recent audit specialis firm kpmg mix asset incom method purpos oper avoid risk futur loss asset facilit earli sale bank principl provis carri june suffici reduc estim futur loss asset futur adjust book asset actual transact make remov bank balanc sheet asset asset requir provis accord rule solvenc minimis amount capit inject state order strengthen solvenc ratio tabl show valu hive asset tabl asset transfer sga commit gt tabl gt addit commit appropri tabl asset transfer sga balanc sheet commit gt tabl gt hive vehicl financ loan grant bank equal asset transfer loan repaid hive asset sold rate interest applic loan base principl bank benefit incur loss relat posit prior hive decid compound rate base arithmet rate preced year averag yearli yield month treasuri bill averag auction year dai inter bank offer rate averag dai rate averag yearli yield prime rate abi associazion bancaria italiana averag dai rate tabl show project base object estim abovement rate tabl interest rate bank loan sga gt tabl gt sourc data provid bank basi forecast prometeia abi financi outlook hive vehicl expect oper year bank repurchas hive asset avoid conflict interest manag hive asset specif measur provid hive vehicl manag person relat bank asset manag base principl quot bank propos vehicl decid quot end specif structur set gener manag bank separ rest bank order deal relat sga bank subsidiari entrust sga task manag asset administr account separ bank sga guarante adopt specif electron account system separ bank intern account system tax concess articl law registr fee replac flat rate tax itl million act conclud june connect transfer enterpris branch enterpris asset legal relationship establish member bank group italian author state measur fulli applic debt assign parti transfer branch tax concess grant head amount itl billion respect debt bui back total itl billion itl billion sale branch addit tax concess itl billion provid respect sale addit branch tax relief total itl billion gross deduct corpor tax benefit result transact total itl billion assess aid content measur assist banco di napoli capit increas order assess assist grant state commiss appli quot market economi investor principl quot commun public undertak commun state state aid privat investor oper normal market economi condit undertaken transact public hold capit firm commiss commun state state aid capit contribut circumst accept privat investor case financi posit compani normal return dividend capit gain expect reason time capit invest risk transact great spread long period inject capit compani capit divid privat public sharehold make public hold reach significantli higher level origin rel disengag privat sharehold larg due compani poor profit outlook amount hold exce real compani condit met case question firstli treasuri inject itl billion end enter account year essenti surviv bank loss month exhaust virtual bank fund leav solvenc ratio close minimum requir ow restructur measur entri account end loss relat hive asset restructur cost includ bank net posit plung red italian civil code requir administr recapitalis wind state sole sharehold take part transact sharehold foundat privat sharehold refus part result transact state major sharehold previous held bank capit inject itl billion serv offset loss estim itl billion privat sharehold prepar inject fund intend cover loss futur incom remain capit offset initi loss loss profit restructur period case bank restructur plan predict normal yield achiev end theori state recov part invest sold hold bank proce sale modest amount itl billion insuffici recov capit inject valuat remain capit mean discount cash flow share price method provid higher estim guarante recoveri differ addit proce sale deduct cost capit inject intend cover loss incur hive vehicl net cost state capit inject estim equal amount inject itl billion pre condit capit increas treasuri design principl guarante complianc principl privat investor oper market economi commiss note condit includ decre ensur treasuri contribut place accompani plan bank recoveri condit suffici transact regard compli privat investor principl reason set condit preclud presenc aid commiss consid suffici ensur compat aid section state procedur initi treasuri act initi support privat bank note half itl billion capit inject decemb stem convers subordin loan grant treasuri bank june subordin loan result convers debentur loan itl billion grant cassa dei depos prestiti bank januari transact treasuri convert debentur loan cassa dei depos prestiti enabl bank enter itl billion account subordin loan affect treasuri risk loan event bankruptci increas loan subordin relat debt bank extra compens treasuri return greater risk convers subordin loan capit place conclus bid procedur launch octob bank capit public bank express interest make offer term disclos convers treasuri itl billion debentur loan cassa dei depos prestiti subordin loan subject interest rate june subsequ convers capit decemb end bid procedur regard transact compli privat investor principl element aid bank recapitalis treasuri commiss decis italian author state bank recapitalis end year fail wound articl italian civil code bank administr requir conven sharehold meet event huge loss order reduc capit recapitalis wind bank administr legal liabl juli sharehold meet decid specif derog provid decre decemb partial reduct capit affect save share capit increas itl billion carri end author stress compli term decre law requir treasuri recapitalis receiv commit bank submit firm offer bank commiss understand reason author carri transact end year conclud transact place unexpectedli formal request end bid procedur control interest bank addit inform suppli time commiss incomplet commiss unabl decid compat aid bank recapitalis result delai submiss italian author restructur plan aid regard unlaw commiss note transfer procedur end januari award control interest bank insur compani ina bnl offer made mediocredito central consid inadequ conclud privat investor market economi unlik italian state inject capit bank recov small fraction invest bank privatis basi inform capit increas itl billion regard state aid advanc grant banca italia decre septemb liquid isveim gener wind bank enabl commerci intermedi activ freeli distribut competitor measur intend cover loss incur creditor result wind distort competit mean articl ec treati hand asset liabil bank liquid transfer entiti decre septemb purchas compens neg acquisit distort competit enabl purchas pursu activ wound establish commiss state guidelin state aid rescu restructur firm difficulti quot evad control transfer busi legal entiti owner quot case question italian author state wind isveim correspond possibl ad bank stake isveim reduc itl billion itl stress measur applic order resolv difficulti connect wind isveim interim balanc sheet isveim liquid drawn decemb shortfal fund itl billion stage estim discount probabl liquid loss start wind procedur april decemb sale loan custom regular flow repay reduc asset itl billion bring itl billion itl billion form liquid end year liabil total deduct fund itl billion compar itl billion begin wind procedur procedur complet italian author point transact distort competit commun level intend save isveim protect interest creditor institut wound withdrawn market state larg number foreign financi institut isveim creditor lastli state bank enjoi financi advantag advanc question intend pure compens includ compens charg born bank result loan grant subsidiari facilit wind procedur word advanc simpli transit bank author rule possibl bank acquir isveim asset wind procedur prove imposs sell parti recov advantag term wind commiss consid advanc question intend offset loss incur bank loan grant isveim total itl billion author state loan fulli guarante mortgag regist amount excess loan bank recov loan wind proceed advanc banca italia note bank loan isveim repaid end wind procedur commiss consid ground bank enjoi undu advantag applic decre septemb view explan italian author commiss consid present case applic decre septemb constitut state aid mean articl ec treati consid futur notifi advanc decre appli case asset liabil credit institut liquid transfer entiti constitut state aid articl treati hive oper gener commiss take view case oper hive bank asset constitut state aid credit establish difficulti remov balanc sheet commit loss born facilit complianc solvenc regul futur privatis enabl potenti buyer avoid undertak lengthi difficult valuat natur hive asset exact amount provis requir hive vehicl financ resourc grant bank conduct hive oper compani specif set purpos oper bank hive vehicl event loss incur hive vehicl eventu born state public guarante mechan present case recours advanc banca italia decre septemb natur hive asset financi mechan durat oper difficult obtain precis estim final cost hive essenti quantifi estim cost state order approv aid determin compens grant order offset distort competit commiss paid attent aspect light experi case hive oper chiefli signific dispar actual result estim submit examin rule state aid updat estim net asset portfolio variat market interest rate downturn rate sale asset repay loan grant bank hive structur significantli affect cost oper born state hive structur set italian author confirm incur signific loss intend reduc uncertainti valuat balanc sheet item delai privatis italian author point structur mechan hive previous examin commiss bank asset transfer hive structur net gross mean bank provid expect loss asset transfer result report loss itl billion itl billion bank resourc reduc reserv equiti cover loss loan loss provis total itl billion total hive asset itl billion asset assess individu flat rate basi addit mean computeris system quot central dei rischi quot bank inform client total exposur bank risk rate bank adjust risk assess custom debt bank poorli perform asset doubt claim bank appli prudent classif criterion loan categori payment made lastli asset write strictli supervis banca italia independ author respons bank supervis result sale asset sga confirm book valuat assess correctli commiss view explan italian author reason valu attribut hive asset consid advis commiss detail report sga view financi charg bear merchant banker rothschild submit studi commiss sga futur loss base inform banca italia bank sourc rothschild examin aspect organis structur sga activ relat bank manag polici sga recoveri activ proce asset sold financi valu asset transfer sga balanc interest paid asset transfer borrow interest rate loan grant bank basi advanc banca italia sga organis structur dedic direct stimul coordin control dispos asset staff bank experi skill field debt manag recoveri separ structur compos central depart work sole sga network bank branch staf bank employe respons manag claim investig claim propos decis decis make power share manag board manag director empow manag larger delic claim sole respons recoveri sale asset sga manag claim distribut wide countri effici ow organis structur task share autonom separ structur central servic bank branch network carri task reason time reason cost addit alloc separ manag investig task direct control decid bank employe sga satisfi requir separ hive vehicl bank accord banca italia rule sga base recoveri polici principl maximis return take account object limit time monei spent firm court settlement prefer lengthi judici procedur reduc asset question accompani depend case multiannu repay plan limit repay time minimum approach allow account recoveri prospect debtor firm avoid traumat effect case restructur loan decid grant financ reduc loan provid restructur agreement avoid convert loan risk capit sale asset produc satisfactori result decemb loan total itl billion recov account asset itl billion stem sale foreign secur loan risk countri gross ad itl billion itl billion poor qualiti loan slight rise ad record sale italian secur addit loan repay agreement conclud produc total itl billion sga manag board examin total itl billion agre total itl billion proce asset sold sga year start busi line forecast made bank restructur plan drawn rothschild compar valuat asset provis polici adopt bank compar term size geograph locat bank balanc sheet decemb bank asset transfer sga bank polici provis restructur balanc sheet line major bank conserv estim loss view possibl high level asset recoveri achiev sga decid ceas oper wind remain case prospect recoveri uneconom conserv estim drawn rothschild quot normal quot loss asset transfer itl billion cost financ hive vehicl italian author point interest rate loan bank sga base principl benefit lose loan hive vehicl rate correspond actual interest rate hive asset basi sga incom asset portfolio order pai interest bank loan analysi carri rothschild hive vehicl account possibl financi imbal examin possibl borrow interest rate loan bank sga definit consider amount interest paid claim transfer dividend secur uncertain consider imbal financi charg born sga financ receiv banco di napoli itl billion interest receiv includ default interest itl billion amount itl billion differ theori vari depend factor possibl recov default interest claim proport claim produc fix rate interest variabl rate interest gradual reduct interest rate result gener cut rate gradual reduct loan sga result write off repay gradual deterior asset transfer sga event occur futur year view expect lifetim hive vehicl factor differ conserv estim produc rothschild rang itl billion itl billion year includ cost refer recit italian author result record date suggest sga wind activ signific loss matter stand commiss rule risk gradual declin asset sga entail larger loss increas differ financ charg interest receiv view difficulti recov default interest basi factor commiss consid prudent assum maximum loss itl billion addit state guarante cover maximum theoret loss itl billion result hypothet situat outlin rothschild asset retain sga posit commiss case account addit factor reduc cost born state regard cost born mind law loss incur hive vehicl offset proce sale share bank held treasuri similar case net cost state calcul deduct gross cost hive born state net proce sale state hold bank addit minor hold retain state asset easier restructur plan underwai make harder firm question treasuri state connect wish sell hold bank basi stock exchang price month hold estim itl billion note treasuri benefit privatis bnl hold bank light increas banco di napoli share confirm price quot stock exchang month bnl hold bank estim itl billion treasuri benefit directli increas result privatis bnl underwai accord undertak italian govern formalis decre prime minist januari direct invit bid order set stabl group sharehold public invit result revenu state basi current price itl billion particip bank italian foreign quot data room quot treasuri accept bid banco bilbao vizcaya capit bank part place autumn treasuri appoint quot global coordin quot public sale note view futur sale minimum stake treasuri transform bnl save share ordinari share reduc hold bank conclus commiss take view basi quantit estim net cost state hive vehicl deduct proce sale share bank held treasuri addit incom result sale bnl hold ongo privatis estim itl billion basi data provid italian author amount excess cost result supplementari state aid variat net cost state compar current estim result addit aid bank addit cost correspond loss incur asset hive sga uncertainti ti creation hive vehicl authoris commiss aid cover entir mechan exist time decis present case recent estim rothschild base trend set sga result widen estim rang loss incur hive rang state situat itl billion itl billion amount aid approv commiss exce maximum theoret risk cover guarante itl billion effect hive debtor firm italian author explain manag asset liquid transact subject strict profession criteria accord term refer sga requir manag hive asset profit econom basi aim recov debt sell asset collect maximum amount shortest time manag sga subject monitor banca italia commiss conclud sga act privat investor seek minimis cost liquid asset reserv examin aid grant debtor firm asset transfer sga tax concess tax concess provid articl law italian author state amount question small total itl billion amount itl billion net deduct firm profit point bank enjoi benefit debt assign similar result obtain bank decid regist transfer act entitl registr option branch purchas requir regist sale commerci standpoint urgenc bank sell asset put weak posit relat potenti purchas tax advantag enjoi purchas total partial pass bank basi inform possess commiss consid measur question constitut state aid amount consider advantag connect debt assign emerg bank decid regist act order increas transpar transact reassur purchas creditor decis motiv desir facilit debt assign reduc uncertainti restructur bank decis econom conclus appli sale branch view possibl registr fee born purchas tax concess repres financi benefit bank constitut derog gener measur provid legal instrument aim restructur rescu bank conclud measur question introduc assist bank facilit restructur maximum amount aid contain tax concess question total state itl billion net commiss consid state aid bank rang itl billion itl billion amount account direct indirect state hold bank amount itl billion net cost state amount itl billion potenti maximim itl billion account total hive risk distort trade member state liberalis financi servic integr financi market effect greatli increas sensit intra commun trade distort competit aid grant credit group banco di napoli loan financi resourc compet enterpris intern market offer financi servic competit european credit establish time extend activ abroad network agenc itali distort intra commun trade tendenc heighten introduct singl currenc complet open market increas competit tension commun countri born mind bank carri activ essenti consist collect deposit grant loan frontier encount obstacl expans abroad obstacl frequent due fact local bank establish make costli foreign competitor enter market liberalis increasingli offer bank opportun provid servic member state crédit lyonnai deutsch bank westdeutsch landesbank aid grant bank intern domest hamper possibl aid aim enabl local bank surviv forc market ow low profit competit capac liabl distort competit commun make difficult foreign bank enter italian market aid question bank wound event asset acquir foreign competitor wish acquir signific commerci presenc itali bank custom deal bank possibl foreign conclud aid bank cover articl ec treati constitut state aid distort competit extent affect intra commun trade assess compat state aid banco di napoli gener consider decid financi support grant bank constitut state aid commiss aid regard compat common market mean articl treati case point conclud aid constitut social aid grant individu consum aid intend facilit develop italian region aid remedi disturb economi intend sole remedi difficulti singl recipi bank oper sector reason bank loss specif relat larg extent aggress commerci credit polici inadequ risk control procedur aid regard gener european interest derog provid articl account compat aid assess basi specif rule rescu restructur aid gener principl applic state aid grant firm difficulti aid regard compat provid condit met includ full implement restructur plan base realist assumpt make restor reason time scale requisit minimum return capit invest ensur long term viabil firm exist adequ quid pro quo offset distort effect aid competit make conclud aid contrari common interest proportion aid object sought limit amount aid strict minimum restructur order recoveri effort born firm carri full restructur plan oblig provid final commiss decis set system monitor complianc preced condit accord rule restructur aid commiss conclud aid question analysi restructur plan bank restructur plan drawn credit establish assist merchant bank rothschild expert appoint treasuri plan readi end june includ measur initi end measur ad end novemb bank privatis end year plan includ transfer hive vehicl itl billion bank asset adopt stricter provis polici stringent plan reduc staff gener cost plan correctli identifi reason bank failur includ seri structur financi manag strateg plan failur part bank manag standpoint inappropri staff polici complex organis structur inadequ inform system undevelop commerci activ riski financi manag standpoint strateg develop analysi show homogen territori expans uncontrol credit polici integr presenc abroad invest high risk transact lack innov product inadequaci caus econom financi problem result loss claim portfolio inadequ capitalis fall profit liquid crisi loss claim increas oper imbal reduct interest margin annual loss asset imbal increas unproduct asset reduct liabil charg excess recours interbank market network branch characteris uncontrol expans branch open northern itali bank competit prove profit ow inadequ margin excess risk high structur cost staff cost proport credit establish area market trend individu restructur plan form part competit transpar privatis carri short period time confirm bank recoveri benefit capit inject consider minimum level provid commun prudenti rule leav potenti purchas recapitalis bank gener commiss take favour view measur principl provid definit solut problem restructur bank point view state contribut reform corpor govern system lai root group loss commiss consid solut effect control system set distort market point explicit implicit support state bank recent year conduct imprud polici regularli led consider loss conduct ill advis reason ineffect corpor govern system led increas final amount aid need ow passiv role princip sharehold creat problem quot moral hazard quot consequ wrong unwis decis gener emerg time bank sector longer period consequ take excess risk reflect financi loss credit institut implement hazard polici period time result distort restructur plan cover weak area bank view rebuild oper system restor capit financi econom equilibrium guarante privatis plan redund place accord decre averag capita cost itl million reduc averag level italian bank sector itl million administr cost cut tabl banco di napoli busi plan gt tabl gt hypothes plan suffici realist provid reduct short term interest rate basi point basi point reduct interest margin loan deposit growth rate resourc remain slight employ increas sharpli brokerag margin remain satisfactori level ow increas commiss percentag brokerag margin reach level competit bank recoveri base increas brokerag margin remain level reduct gener cost cost credit fact guarante reliabl forecast thing equal improv base factor control firm depend growth market turnov reduct provis reflect transfer perform asset hive vehicl reduct busi activ plan adjust unremuner credit rate normal level yield loan bank hive vehicl fix rigidli base index system ty short term market rate preced year point mechan type bank adequ return rate fall take account higher return loan custom cost fund analys document receiv restructur plan adequ support intern bank rothschild ensur bank basic problem account restructur affect main aspect dai dai manag employe organis computeris commerci aspect financi structur fund credit qualiti profit liquid restructur measur implement reduct unit absolut labour cost staff cost cut itl billion pension cost cut itl billion rel bank result confirm ongo recoveri exceed expect busi plan reduct activ end month net result itl billion exceed forecast reach level origin forecast end year improv continu half account show net result itl billion excess anticip result allow bank give dividend save share sharehold vote right simpli dividend account show bank halt revers downward trend brokerag margin increas net commiss stabilis interest margin consider reduct gener cost radic staff cost measur consist predict plan view result conclud restructur plan capabl produc anticip result improv year credibl bank restructur plan reflect full support privat sharehold increas fund privatis capit inject itl billion involv treasuri larg major privat sharehold ina commiss take view major stake held ina privat sharehold oper reflect commerci natur greater credibl bank restructur plan italian author long term viabil bank secur result restructur plan maintain event merger bnl author point posit effect synergi bank profit bank extens restructur undergon bnl view privatis ongo privatis bnl preclud risk control bank transfer privat sector ina public sector bnl reduc risk public fund requir plan object attain contrari privatis bnl confirm definit transfer control bank privat sector possibl bank integr bnl end privatis commiss note specif date set project event place envisag decre januari merger view net worth bank stock exchang price result bank capit own privat sector state retain minor hold commiss wish determin possibl merger bnl prejudici profit entiti result merger banco di napoli level profit achiev bnl recent year high conclud inform return fund bank result bnl bank merger accept privat investor oper market economi italian author point connect bnl undertaken extens restructur plan cost born bnl merger bnl made consider provis restructur cost produc reduct net result reason conclud merger neg effect profit bank entiti compar forecast bank benefici effect expect long term report forward commiss rothschild underlin progress achiev bnl manag chang provis refer bnl displai signific sign structur recoveri accord strategi pursu bank succeed fall interest margin effect entir bank sector increas return servic activ result stronger activ save manag insur sector standpoint cost bnl succeed reduc labour cost real term cut number employe ongo restructur plan reduct cost labour redund period point good prospect improv result year opinion rothschild merger bank bnl improv result merger produc signific synergi itl billion view geograph function synergi bank merger produc synergi regard employe gener cost financi incom save total itl billion regard employe total staff cost involv reduct manag staff rationalis italian foreign branch itl billion respect gener cost total gener cost itl billion regard financi incom total profit commiss centr comparison merger case hypothes suffici prudent synergi amount roughli oper cost case notabl itali unit kingdom synergi achiev amount oper cost rate return bank capit event merger bnl rise ensur viabil entiti natur result point merchant bank rothschild achiev entir restructur plan bank bnl merger carri event link bank ina bnl group ina major hold ensur viabil bank merger bnl place view forego commiss take view event merger bank viabil banco di napoli bnl entiti assur state aid longer need proportion aid complianc condit provid guidelin restructur aid commiss consid bank contribut significantli restructur cost resourc bank bore provis cost commit transfer hive structur total itl billion doubl capit inject treasuri addit transfer includ hive medium term claim itl billion year sharehold financi hold total itl billion real estat itl billion principl limit aid minimum strictli ensur bank suffici fund compli regul fund strictli commiss note minimum level capitalis assess due regard possibl public contribut inject addit fund sharehold case privatis short term mean invit tender potenti buyer satisfi statutori requir commiss note capit inject treasuri amount itl billion establish solvenc ratio view loss record end reduc bank net worth itl billion purchas privat sharehold recapitalis bank order bring capit statutori level applic group conclud result provid treasuri limit minimum compens compens competitor offset distort effect aid restat commiss polici area role compens provid commun guidelin state aid rescu restructur firm difficulti counterbal neg repercuss competitor aid quot contrari common interest quot benefit exempt articl compens constitut addit effort part assist firm relat restructur measur need recoveri result measur financ directli indirectli state aid commiss state recent bank case estim theoret distort competit caus aid bank sector exist solvenc constraint establish direct relationship bank capit commit authoris make weight degre risk direct measur theoret impact increas bank capit level activ council direct eec decemb solvenc ratio credit establish amend direct ec european parliament council march solvenc constraint applic bank institut europ make easier assess effect capit increas aid similar effect aid form capit inject distort competit measur term weight asset capit inject itl billion measur similar effect enabl bank thing equal increas level weight asset balanc sheet take account compulsori solvenc constraint requir firm minimum solvenc ratio calcul basi fund half compris basic fund itl billion itl billion present case aid amount itl billion account half fund requir order compli solvenc ratio end unlik case state point decis aid question aim primarili cover loss surviv bank maintain level capitalis order sustain previou level activ solvenc ratio requir satisfi capit increas privatis practic aid bank stai busi reduc level transfer respect measur provid restructur plan offset impact distort competit caus aid measur adopt produc consider reduct size bank total balanc sheet fell itl billion end itl billion end reduct year risk weight asset underw mark reduct amount itl billion asset includ effect hive itl billion asset sag voluntari liquid subsidiari isveim itl billion asset end treat complet compens liquid measur restructur plan benefit state resourc case involv wind sum concern transit bank consid aid measur assist bank wind isveim wind correspond closur capac bank acquir isveim asset wind prove imposs sell parti sell advantag condit wind bank sold itl billion properti asset itl billion sharehold hold imi banca di roma sold ad sale properti asset total itl billion plan nation level bank sold branch banca popolar di brescia banca popolar antoniana veneta sale branch underwai complet end year profit branch sold demonstr firstli interest displai market price paid itl billion itl billion goodwil paid purchas itl billion transact itl billion sale branch includ debt assign excess itl billion reduct claim itl billion result sale remain branch sale regard adequ compens aid sold branch account total establish bank essenti region institut branch abroad northern itali transfer regroup branch doubtless place event merger bnl bank reduc presenc intern market consider number branch cut year activ reduc loan grant subsidiari cut itl billion branch pari frankfurt lo angel moscow seoul close notabl barcelona sold departur spanish market complet branch experienc reduct number staff level activ assess account transfer luxembourg branch banco di napoli intern hive vehicl regard compens set vehicl help rescu bank basi forego commiss conclud effort made bank measur author total elimin distort effect aid constitut signific level compens consider offset distort caus aid grant bank reason set commiss conclud compens offer banco di napoli adequ effect bring aid bank line common interest factor provid commun guidelin restructur aid commiss examin bank posit relat tax credit guidelin provid firm benefit state aid benefit carri tax loss respect loss cover capit increas constitut aid italian author state bank qualifi advantag satisfi condit laid articl consolid law conclud state contribut strengthen bank posit strictli restrict competit european bank contrari market share held bank consider reduc result view contribut term restructur reduc activ aid question regard compli commun guidelin restructur aid compat common market conclus conclus view forego basi inform commiss take view bank recoveri plan substanti state aid form capit increas itl billion utilis advanc grant banca italia ministeri decre septemb offset loss incur sga tax concess total itl billion net take account estim incom earn state ongo privatis discount net total cost state amount itl billion theoret ceil itl billion hand advanc grant banca italia abovement decre wind isveim constitut state aid banco di napoli provid condit compli measur examin articl treati order establish consid compat common market light consider set aid grant bank meet condit laid guidelin aid rescu restructur firm difficulti provid condit compli constitut essenti precondit viabil quid pro quo return conclud aid common interest view amount aid concern monitor proper implement plan restructur measur merger plan ensur recoveri plan present commiss effect carri full italian author inform commiss month date approv decis progress plan dispar result forecast modif involv aid bank made plan prior approv commiss basi guidelin restructur aid commiss consid grant aid subject condit aid question qualifi exempt articl ec treati articl eea agreement compat common market pursuant articl ec treati articl eea agreement adopt decis articl measur reorganis restructur privatis banco di napoli provid decre law march amend decre law septemb convert law novemb inject banco di napoli treasuri itl billion tax concess advanc grant banca italia ministeri decre septemb cover loss società la gestion di attività spa potenti ceil itl billion constitut state aid mean articl ec treati transact question cost state estim itl billion net potenti maximum itl billion declar compat common market eea agreement articl ec treati articl eea agreement advanc grant banca italia ministeri decre septemb connect wind isveim constitut state aid bank resourc question utilis accord criteria accept privat investor condit articl articl aid refer articl authoris subject itali compli undertak banco di napoli sell close end branch locat northern central itali madrid condit ensur recoveri measur arrang provid scheme articl contain restructur plan present commiss implement amend condit laid restructur plan take account condit impos decis commiss prior consent prevent banco di napoli benefit carri tax loss respect tax loss cover capit increas inject treasuri earmark proce sale branch sharehold asset econom financi restructur banco di napoli ensur banco di napoli repurchas asset wind isveim prove imposs sell parti convert advantag term wind articl italian author cooper fulli monitor complianc decis submit commiss document detail report italian author implement commiss decis restructur plan report examin econom financi viabil entiti group remain state control present detail result compar estim contain plan detail state intervent benefit entiti form recapitalis financ guarante waiver debt provid detail analysi procedur event merger banca nazional del lavoro banco di napoli describ extent undertak condit set articl compli report month date commiss decis date fulfil undertak condit set articl balanc sheet account report annual half yearli drawn manag compani form part transact examin banco di napoli banca nazional del lavoro date privatis hive vehicl società di gestion di attività spa complet mission isveim wound document submit commiss approv board director entiti question commiss document implement plan provid assess mean special audit articl decis address italian republ brussel juli commiss monika wulf mathi member commiss oj decre law juli septemb commiss commun member state applic articl ec treati articl commiss direct eec public undertak manufactur sector oj bull commun guidelin state aid rescu restructur firm difficulti oj footnot quot moral hazard quot effect mean greater manag error greater aid requir firm commit error privat statu ina determin basi inform submit italian author sharehold signific presenc privat institut investor relev vote right oj oj