On 18th March 2015, Cassa di Compensazione e Garanzia (CC&G) revised the amount of the Default Fund for the New MIC Guarantee System from € 260 million to € 140 million.

As from the same day:

  • the variation of the Contribution Quota to the above mentioned Default Fund will be provided by means of the ICWS (Default Fund menu) and the message M01 through RNI;
  • debtor Members or their Settlement Agents will have to fund their PM account in the TARGET2 System in order to allow CC&G to direct debit the amount due (the Debit Period will start at 9:00 and will end at 9:30 CET);
  • CC&G will credit PM accounts of creditor Members or their relevant Settlement Agents.

Click on the link above for further details.