The "Coordination table between Consob, the Bank of Italy and Ivass regarding the application of the IAS/IFRS" has prepared a document, addressed to the entities supervised by the Authorities, concerning the treatment in the financial statements of multi-originator transfer transactions before impaired credit portfolios other than bad debts (so-called "unlikely to pay" - UTP), which provide that UTPs are sold to mutual investment funds in exchange for units issued by the same funds.

The document is addressed to all issuers required to apply international accounting standards, regardless of the operating sector (industrial, banking and others) of the company itself. However, it is of specific interest to banks and other financial intermediaries.

The document was produced under the accounting agreement between Consob, the Bank of Italy and Ivass with the aim of providing the necessary clarifications to overcome some application doubts and ensure homogeneity of behavior by operators.

The full text of the document is available on the websites www.consob.it, www.bancaditalia.it and www.ivass.it (only Italian version).

 Press Release PDF version