EU levies weigh on Intesa Sanpaolo
Single Resolution Fund contributions hit €199 million in Q1
Mandatory payments to the European Union's Single Resolution Fund (SRF) asked of Intesa Sanpaolo hit €199 million ($223 million) in the first quarter, up 20% year-on-year.
The Italian lender also paid out €5 million to a deposit guarantee scheme that covers its overseas units and €12 million for charges incurred by certain subsidiaries. These were offset slightly by a release of reserves from its interest in the Atlante private equity fund, which invests in the toxic loans of Italian banks.
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