Credito Valtellinese Group's "MutuoLibero" awarded for its financial innovation

Sondrio, March 1, 2007. The Credito Valtellinese Group's MutuoLibero loan takes second place in the "Circle of Gold Awards for Financial Innovation", organized by AIFIN (Italian Association for Financial Innovation) in cooperation with Azienda Banca.

Now at its third year, this event is dedicat ed to innovation in the world of finance and is meant to reward projects that have proven their ability to anticipate market demands, bringing important new elements to the banking and finance scene in Italy.
The 2006/2007 event closed with the award ceremony, which took place yesterday in Milan after a round table session on "financial innovation as a driving force for market development." There were 35 financial institutes participating, for a total of 74 projects presented.

MUTUOLIBERO, was awarded second place in the "products" category for proving to be a completely innovative product in the sector of mortgages for private individuals insofar as it is the first and only mortgage in Italy featuring a free capital repayment scheme.

Its distinguishing characteristic is the 20-year duration of the repayment plan (starting at the time of issue), which, upon the client's request, can easily be extended for 20 additional years every time it nears expiration.

Furthermore, with its variable-interest-rate repayment plan, the customer pays the share of interest only at regular intervals while he/she may freely decide how and when to repay the capital, with the possibility of leaving the faculty of redeeming the mortgage to his/her heirs or, in agreement with the bank, to renew the mortgage or negotiate a new one.

Therefore, MutuoLibero is the ideal solution for people wishing to manage repayment schemes in a completely independent manner, on the basis of their income and available funds. Customers can repay the capital freely, including via Internet, in a simple and fast manner.

"MutuoLibero has made us the first in Italy to provide a solution for those who want complete freedom in handling their own repayment plans, without having any pre-established due dates. Our goal is to offer a specific product primarily for people who do not have steady income, but also for those who are limited in their ability to pay funds back immediately - for example workers with atypical jobs. It could also be an option for those who would like to make payments towards a home-loan instead of rent, thereby allowing them to reach the goal of becoming home owners much sooner" states the General Manager of Credito Valtellinese, Miro Fiordi.

Main characteristics of MutuoLibero

Use:	All uses (e.g. purchase, construction, restoration and renovation of properties, etc.); the mortgage is reserved to private individuals
Borrowable amount:	Up to 80% of the property's value. Minimum amount: € 50,000
Guarantee:	1st level security on mortgage
Length:	20 years, renewable at the customer's request
Amortisation:	Interest only instalments, variable in relation to the current interest rate; amortisation of capital through free repayments
Instalment:	- Monthly with alignment at month end; - quarterly with alignment at 31/3 - 30/6 - 30/9 - 31/12
Rate:	Variable, EURIBOR quarterly + spread to be agreed
Instalment collection fee:	2 euro
Administration fees:	0.40% of the disbursed amount with a minimum of € 250 and a maximum of € 1,000
Arrears interest:	2 points
All-inclusive fee for reduction of remaining capital/early redemption:	- € 5 at branches; - € 2 on Internet
Cost of mortgage renewal:	At the customer's expense
Combined insurance cover:	Global Tutela (life), Global Attiva (accident), Global Casa (multi-risk property and TPL)
Notes:	Credito Valtellinese has made available the new MutuoLibero product, establishing a ceiling for its disbursement

For further information, contact:

Renè Paniga
Credito Valtellinese banking Group
Communications and Public Relations
Telephone +39 0280.637.357
Fax +39 +39 0280.637.308
Email: paniga.rene@creval.it