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In 2004, a well-diversified portfolio of performing loans repayable by Italian local governments for a total amount of Euro 18 billion was segregated for the benefit of Covered Bondholders.
In April 2006, further claims arising from loans to Italian Local Authorities compliant with eligibility criteria and approved by Rating Agencies have been added to the cover pool for a total amount of Euro 5.2 billion.
The current cover pool is exclusively composed of performing loans repayable by Italian local governments. The vast majority of the loans are fixed rate, Euro-denominated loans, paying annual or semi-annual instalments on 30 June and 31 December. See details on the current composition of the cover pool. More
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