This debt (which may be revised upwards to € billion following the due diligence on the performing loans) is guaranteed by the State, which has also granted the acquirer other guarantees, with an estimated fair value of € million, to cover various risks.
The immediate burden on the State consists of a cash injection of € billion, of which € billion to Intesa Sanpaolo to cover its capital needs following the acquisition, and € billion to cover the cost of the restructuring measures that Intesa Sanpaolo must implement.