ROME *c The State's divestment program has mixed fortunes: the sale of public real estate properties through securitization or real estate funds is up, the sale of unpaid INPS loans through securitization is down. In recent days, the presidents of Inps, Inail, Inpdap and Ipsema sent a letter to the ministers of Economy Domenico Siniscalco and Labor Minister Roberto Maroni complaining about the risks due to the transfer of social security institutions' properties to new real estate funds: problems regarding the instrumental nature of the properties and possible repurchases.
Too many doubts about the funds. In the letter to Siniscalco and Maroni, the leaders of the four institutes raise a cry of alarm: . The problem concerns the financial capacity of the institutions to repurchase at higher prices. , it is underlined in the letter which also predicts the payment of the fees with part of the proceeds collected from the sale. The president of INPS Gian Paolo Sassi, in a subsequent letter, urges his legal office to investigate the transfer of properties for so-called instrumental or mixed use to one or more funds. In this letter Sassi also raises doubts about the determination of the price. Finally, the president requests an evaluation of the potential.
Slow recovery for Scip2. While the threat of downgrading the Fitch rating on Scip2, the second securitization on the sale of public properties, looms, the Mef yesterday sent Parliament a report on the performance of the operation as of 30 June, highlighting the achievement of only 16.2% of the objectives set by the business plan. It's a shame that Fitch's negative credit watch arrived on October 27th on the performance as of September 30th.
The success of Inps5. Yesterday the Mef issued a long statement on the conclusion of the fifth securitization of INPS credits, an operation.
source: Real Estate Observatory
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