At the end of 2022, the total amount of outstanding government-guaranteed senior bonds was around € billion. If we consider the few operations whose recoveries, according to the updated plans, would not be sufficient to fully repay the senior bonds, the total enforced guarantee could amount to around € million.
However, this sum should be covered by the provision funded by fees paid by banks for granting the guarantee and by the amounts already earmarked in the public budget for this purpose, without the need for further government funding. Some recent regulatory reforms have addressed specific intermediaries' business lines, such as crowdfunding services, and specific products, such as covered bonds and securitizations.