Financial subsidiaries
Argo Finance One Srl, a special purpose vehicle in the securitisationi of bad loans, set up by Carige towards the end of 2000, registered collections of € 13.1 million in 2008. The total amount recovered from the beginning of the operation amounted to € 207.6 million at the end of 2008, against a net value of loans transferred of € 165.3 million. After a full repayment of Class A and B securities in 2002 and 2005, € 31.8 million of Class C securities are still to be paid, fully subscribed by Carige.
Priamar Finance Srl, special purpose vehicle for the securitisationi of bad loans established by Cassa di Risparmio di Savona at the end of 2002, collected € 34.9 million in 2008, of which € 7.1 million during the year. Following the repayment of Class A securities in 2007, as at December 2008, € 8.2 million of Class C securities are still to be paid, fully subscribed by Risparmio di Savona.
Argo Mortgage Srl, special purpose vehicle in the securitisationi of mortgage loans to private clients, set up by Banca Carige towards the end of 2001, registered overall collections of € 501.1 million, € 53.7 million of which in 2008. As at 31 December 2008 the value of securities issued still to be paid amounted to € 129.7 million.
Argo Mortgage 2 Srl, special purpose vehicle in the securitisationi of mortgage loans to private clients, established by Banca Carige on 30 June 2004, registered overall collections of € 600.9 million, € 153.5 million of which in 2008. As at 31 December 2008 the value of securities issued still to be paid amounted to € 425.4 million.
Carige Covered Bondi Srl, special purpose vehicle in the securitisationi of residential and commercial mortgages, set up by Banca Carige on 1 November 2008, made collections totalling € 73.5 million. Loans granted amounted to € 1,505.3 million, against which Banca Carige has, up to now, issued bonds totalling € 500 million.