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This is a loan for existing receivables, past due or not, due to a company (Assignor) mainly from a Public Administration (Assigned Debtor).
This product is regulated by Italian Law no. 52 of 1991 on Factoring.
The assignable receivables, either past due or maturing, arise from commercial supplies and there must be no prohibition against assignment.
For assignments relating to Public Administrations, the Assignor must be in order with payments to the tax authorities and social security institutions.
Financing companies that have receivables due from Public Administrations (Ministries, Regions, Provinces, Municipalities, Local Health Authorities, Public Hospitals, etc.).
The company assigns its portfolio of receivables to the Bank, in return for the payment of a price, and the Bank acquires ownership of those receivables.
Past due or maturing, arising from commercial supply relationships. The assignor must be in order with payments to the tax authorities and social security institutions.
Takes into account market rates (with a spread on the Euribor for the period), the servicing fee and the debtor's rating.