Banks, so the Senate: the reform is the law – The Messenger

The banks will have to become the largest Spa.

With the final green of the Senate, where the government has earned the trust with 155 yes and 92 no, governance reform becomes law license plate Renzi-Padoan, who requires the institutions that exceed the threshold of the 8 billion in assets (at this point 11, with the operational merger between April Volksbank South Tyrol and Popolare di Marostica) to become joint-stock company.

Now we have to wait for the operating rules that the Bank of Italy is expected to develop (short) to trigger the transformation, but many institutions have announced plans to convene extraordinary shareholders’ meetings before the summer, despite the rules grant 18 months ( now 16) to complete the operation. It did not help, in fact, the strong parliamentary pressure to lengthen the times or to limit the impact of the reform. The fact threshold to trigger the obligation to Spa has not changed, even if the Economy Undersecretary Pier Paolo Baretta did not rule out that “in the future we can reflect on other criteria, such as that of listed companies.”

The argument, in short, “remains open”, but for now the only concession was that the roof (transient) anti-raid 5%. In this way you will have a period of time in order to decide mergers (also) in defensive function. And President CONSOB Giuseppe Vegas suggests the popular tag along. Rewritten, in the passage in Parliament, the standard to facilitate the change of the current account, while several were the finishing touches to the chapter ‘Investment compact’.

Here is a summary of the measures of the decree and the changes:
 - SPA ROOF WITH ANTI-CLIMBING, BUT TIME: is the only correction introduced the reform of popular, which eliminates the-vote (one person, one vote). Institutions in the same meeting that will launch the transformation in Spa, will introduce a limit to the exercise of the right to vote at the meeting at least 5%. The roof introduced with this majority can be exercised up to 24 months.
 - PORTABILITY CURRENT ACCOUNT, OR SALTED FINES: The accounts will be transferred at no cost to the customer within 12 working days, penalty fines, from 5 thousand to 64 thousand euro for executives, but also the employees of banks defaulting. The rules also apply to move securities accounts. Provided compensation for delays, which will be quantified by the MEF.
 - CREDIT DIRECT EXPORT DECIDED CDP: The CDP will decide whether to provide export credit directly, or through Sace, or another of its subsidiaries. It also changes the discipline export bank, allowing the use of funds from the separate management of CDP
 - EVEN NOW AND INNOVATIVE COOP BETWEEN SMEs: the magazine audience of SMEs that have the same facilities of innovative start-ups (including corporations, if unlisted, and cooperatives). Among the criteria to fall under the new definition also investments in innovation. Even financial intermediaries may subscribe shares of start-ups and innovative SMEs.
 - SAVE IN SPA-ENTERPRISE SECURITY AGENCIES ALSO: social security institutions will be able to attend but “in minority” to the new company for the capitalization and restructuring of enterprises. The scope is extended to all companies in crisis, and also should be oriented employment protection. Rises to 550 million the state guarantees for companies in receivership. Always with an eye to Ilva of Taranto is also expected to take precedence in access to the Guarantee Fund for SMEs contracted suppliers (particularly in terms of rehabilitation)
 - IIT PARTICIPATE IN ITS START UP: the Italian Institute of Technology will not have to register and market patents but may constitute or participate in innovative start-ups or other companies, even with public (using no more than 10% of the resources allocated each year).