“On January 10, 2024, Article 3 of Legislative Decree No. 207 of 07/12/2023 came into force, which, among other things, introduced the new Article 118-bis into Legislative Decree No. 385/1993 (known as the Consolidated Banking Act).
The aforementioned regulatory changes govern how banks and financial intermediaries must publish and communicate to customers the so-called Replacement Plans (“Piano di Sostituzione”) provided for by Article 28, paragraph 2, of Regulation No. 2016/1011/EU (known as the "Benchmark Regulation").
These Plans outline the actions that will be taken by banks and financial intermediaries in the event of a substantial change or cessation of the reference index contractually provided for the determination of the interest rate.
Below is the Replacement Plan adopted by Prelios Credit Servicing S.p.A.”