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The Italian 2018 Budget Law Provides Sets Stage for Banks to issue Senior Non Preferred Notes

 

27 December 2017

​Earlier today, the Italian Parliament approved the Italian Budget Law for the year 2018 (the 2018 Budget Law), which provides, inter alia, for amendments to Italian Legislative Decree no. 385 of 1 September 1993 (the Italian Banking Act) and to Italian Legislative Decree no. 58 of 24 February 1998 (the Italian Financial Services Act) aimed at permitting the issue by Italian banks of "non preferred" senior liabilities (Italian SNP), introducing a category of "second level unsecured debt instruments" ranking, in the insolvency or resolution of an Italian bank, directly below its senior unsubordinated liabilities, including senior unsubordinated notes but above all subordinated claims (including in respect of Tier 2 instruments and additional Tier 1 instruments) and shares.

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