Clifford Chance
Clifford Chance EU Commission gives greenlight to the extension of Italian GACS until 2022
17 June 2021
On 14 June 2021, the European Commission approved to extend by one year the final term for the state guarantee mechanism established by the Italian Government to facilitate the disposal of non-performing exposures ("NPEs") by Italian banks and financial intermediaries ("GACS"). The GACS scheme was originally introduced by law decree no. 18/2016 (as converted by Italian law no. 49/2016, the "GACS Law").
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