This article was published on 30 January 2016 at 15:42. The last change is the January 30, 2016 at 17:53.
“A capital increase? The item can be, but better to see first accounts of 2015, then we’ll talk. ” So Federico Ghizzoni, CEO of Unicredit, said on the sidelines of a Thomson Financial Assiom Forex rumors circulated recently on the Stock Exchange on the need for recapitalization by the institute, which will approve the 2015 budget on February 9.
“I am very satisfied, accounts are good – added in this regard – the business grew, liquidity and capital formation are positive.”
Ghizzoni also stated that the bank is ahead of schedule in the business plan approved two months ago: “I respect the commitments we have already made the deal in Austria, the bank sold in Ukraine and we are doing the passage of the banks in Central Europe under the Italian holding company; also we assess options for leasing. ”
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– Many slogans against the government, the Bank of Italy and Consob. The savers trapped by the failure of the four banks have fallen back on the streets in Rome in a demonstration organized by the Committee of the victims decree saving banks ask for guarantees refunds. Over a hundred people took part in the sit-in to ask to get their money back. Many placards against Palazzo Koch, accused of not having monitored.
There are many people back to protest to get back that money disappeared in overnight from current accounts at Etruria, Marche, CariFerrara and CariChieti. With them, representatives of consumer associations Adusbef and Federconsumatori, led by Elio Lannutti Trefiletti and Rosario, and politicians of some opposition parties: a squad of deputies M5s, including Daniel Pesco and Alessio Villarosa, Senator Forza Italy Maurizio Gasparri, and the Mayor of Arezzo, Alessandro Ghinelli, the center-right.
“Against bloodletting better mattress” slogan summed up by one of the signs. Obvious concern among investors, looking for people who can protect them. “I have the registration of my bank manager who claims to have performed what they said above – said one bondholder who is from Ferrara -. I recorded it with their cell phone, how can I use it to give me the money?”.
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– Many slogans against the government, the Bank of Italy and Consob. The savers trapped by the failure of the four banks have fallen back on the streets in Rome in a demonstration organized by the Committee of the victims decree saving banks ask for guarantees refunds. Over a hundred people took part in the sit-in to ask to get their money back. Many placards against Palazzo Koch, accused of not having monitored.
There are many people back to protest to get back that money disappeared in overnight from current accounts at Etruria, Marche, CariFerrara and CariChieti. With them, representatives of consumer associations Adusbef and Federconsumatori, led by Elio Lannutti Trefiletti and Rosario, and politicians of some opposition parties: a squad of deputies M5s, including Daniel Pesco and Alessio Villarosa, Senator Forza Italy Maurizio Gasparri, and the Mayor of Arezzo, Alessandro Ghinelli, the center-right.
“Against bloodletting better mattress” slogan summed up by one of the signs. Obvious concern among investors, looking for people who can protect them. “I have the registration of my bank manager who claims to have performed what they said above – said one bondholder who is from Ferrara -. I recorded it with their cell phone, how can I use it to give me the money?”.
Italy should ask for the “revision, to be launched before June 2018,” the EU directive that provides the Bail in, or losses borne by the investors in the case of the banking crisis. He asks the governor of the Bank of Italy, Ignazio Visco, that the same rule “contains a clause providing for the review,” “opportunity that should be exploited, building on experience”. Via Nazionale and the Treasury, reminds Visco, had asked in vain when defining the standard and does not retroactively apply a “smooth transition and less traumatic.”
“The Italian banks – said the governor – are well capitalized, also thanks to prudent and compelling watch. ” “Impaired loans – he added – are widely covered by write-downs and guarantees.” Visco recalls well the words of ECB President Draghi that “there will be new demands for higher provisions and capital strengthening.” The Bank of Italy – he continued – asks the Italian banks to create, according to the possibilities offered by European standards a voluntary fund for crisis management “than the systems required additional deposit insurance”. According Visco “cost” on banks “would be offset by the benefits which would derive all banks through enhanced customer confidence.”
The Italian GDP “could grow around 1.5% both in 2016 and in 2017 “. It reiterates the governor of the Bank of Italy, Ignazio Visco at Forex reiterating that estimated by the institute in the economic bulletin. Visco for the scenario “assumes that it further strengthening of domestic demand, especially investment.” “The uncertainty in the international environment and its influence sometimes messy and violent are obvious risk factors,” he added.
The crisis of the four institutions – the supervision of the Bank of Italy has faced over the last 15 years about 100 banking crises and the “sequence of operations” on Cariferrara, Carichieti, Banca Marche and Banca Etruria was performed “as in all other cases.” the Bank of Italy Launches ‘Operation Truth’ on the supervisory actions carried out in these years on 4 banks (and the banking system as a whole) and to reiterate and clarify procedures and timetables established by the rules.
Bank of Italy: in 2012 via dg Banca Marche and increasing pressure – The first problems had already emerged between late 2010 and early 2011, but from 2012 “the interlocutors with the directors and the management of Banca Marche increased progressively and was asked, in particular, to bring the ratio between loans and deposits of more conservative values and to evaluate a capital increase, which was implemented for 180 million in the first months 2012 “. And ‘what writes the Bank of Italy in the documents placed on the website to summarize and clarify the role that eventually led in October 2013 to the commissioner of the institute. “Consob, which was to allow the publication of its prospectus – explains – was informed at the end of December 2011, the outcome of the three inspections. On the basis of, the inspection findings were obtained from the bank, in early January 2012, corrective actions . The emergence, in the context of an inspection of a different broker, of anomalous transactions charged to the Director General, brought to apply to the bank, in June 2012, to accelerate the process of identifying his replacement. In September year he was appointed a new general manager. ” In November 2012 it was sent to a re-inspection to detect the adequacy of provisions for credit risk; judged largely insufficient corrective effort of the bank, the inspection was extended in March 2013 to the other risk profiles, ending in September 2013, with an overall unfavorable (6 on a scale from 1 to 6). Consob received information on the results of inspection. “” In the light of an interim report of the inspectors August 27, 2013 the Bank of Italy, using reasons of extreme urgency in order to ensure continuity of business management, ordered the temporary management of the bank; the commissioner was ordered Oct. 15, 2013, due to serious financial losses and serious irregularities “
The Bank of Italy has sponsored a merger between Vicenza and Banca Popolare Etruria You law in the ‘question and answer’ published on the website of the central bank. “The hypothesis was independently made by the bank in Vicenza. Watch, as is normal, listened to the reasons of both parties to quickly form an opinion prior to their authorization. “” But the negotiations did not continue because the parties eventually agreed and no request for authorization was never formally advanced “
” The Bank of Italy has initiated sanction procedures against all those responsible for business against whom emerged hypothesis of administrative irregularities. “This was written by the central institution in the series of ‘questions and answers’ on the action of supervisory activities on the four banks. Via Nazionale “has also communicated to the Judicial Authority without delay, to the moment they were recorded, all the facts of possible interest emerged in the course of ‘surveillance activities “
” The on-site inspections that have revealed episodes of maladministration at Italian banks were carried out by inspection groups composed entirely or mostly by staff the Bank of Italy. ” And ‘claims as the central institution in the series of’ questions and answers’ published on the website to clarify and reaffirm the powers and limits of supervision. The Bank of Italy rejects cos’ the argument that the cases have emerged only after the transition to the European single supervisor. “Not so,” says the document. “It ‘good to remember that the national supervision is part of the European Surveillance: the single European supervisory mechanism is in fact based on close cooperation between the European Central Bank and the national supervisory authorities. Together, during this first period of operation, They discussed the issues related to individual banks in different countries and the banking system as a whole. They have been made significant efforts to create a single supervisory system able to provide equal treatment to intermediaries “
Italy should ask for the “revision, to be launched before June 2018,” the EU directive that provides the Bail in, or losses borne by the investors in the case of the banking crisis. He asks the governor of the Bank of Italy, Ignazio Visco, that the same rule “contains a clause providing for the review,” “opportunity that should be exploited, building on experience”. Via Nazionale and the Treasury, reminds Visco, had asked in vain when defining the standard and does not retroactively apply a “smooth transition and less traumatic.”
“The Italian banks – said the governor – are well capitalized, also thanks to prudent and compelling watch. ” “Impaired loans – he added – are widely covered by write-downs and guarantees.” Visco recalls well the words of ECB President Draghi that “there will be new demands for higher provisions and capital strengthening.” The Bank of Italy – he continued – asks the Italian banks to create, according to the possibilities offered by European standards a voluntary fund for crisis management “than the systems required additional deposit insurance”. According Visco “cost” on banks “would be offset by the benefits which would derive all banks through enhanced customer confidence.”
The Italian GDP “could grow around 1.5% both in 2016 and in 2017 “. It reiterates the governor of the Bank of Italy, Ignazio Visco at Forex reiterating that estimated by the institute in the economic bulletin. Visco for the scenario “assumes that it further strengthening of domestic demand, especially investment.” “The uncertainty in the international environment and its influence sometimes messy and violent are obvious risk factors,” he added.
The crisis of the four institutions – the supervision of the Bank of Italy has faced over the last 15 years about 100 banking crises and the “sequence of operations” on Cariferrara, Carichieti, Banca Marche and Banca Etruria was performed “as in all other cases.” the Bank of Italy Launches ‘Operation Truth’ on the supervisory actions carried out in these years on 4 banks (and the banking system as a whole) and to reiterate and clarify procedures and timetables established by the rules.
Bank of Italy: in 2012 via dg Banca Marche and increasing pressure – The first problems had already emerged between late 2010 and early 2011, but from 2012 “the interlocutors with the directors and the management of Banca Marche increased progressively and was asked, in particular, to bring the ratio between loans and deposits of more conservative values and to evaluate a capital increase, which was implemented for 180 million in the first months 2012 “. And ‘what writes the Bank of Italy in the documents placed on the website to summarize and clarify the role that eventually led in October 2013 to the commissioner of the institute. “Consob, which was to allow the publication of its prospectus – explains – was informed at the end of December 2011, the outcome of the three inspections. On the basis of, the inspection findings were obtained from the bank, in early January 2012, corrective actions . The emergence, in the context of an inspection of a different broker, of anomalous transactions charged to the Director General, brought to apply to the bank, in June 2012, to accelerate the process of identifying his replacement. In September year he was appointed a new general manager. ” In November 2012 it was sent to a re-inspection to detect the adequacy of provisions for credit risk; judged largely insufficient corrective effort of the bank, the inspection was extended in March 2013 to the other risk profiles, ending in September 2013, with an overall unfavorable (6 on a scale from 1 to 6). Consob received information on the results of inspection. “” In the light of an interim report of the inspectors August 27, 2013 the Bank of Italy, using reasons of extreme urgency in order to ensure continuity of business management, ordered the temporary management of the bank; the commissioner was ordered Oct. 15, 2013, due to serious financial losses and serious irregularities “
The Bank of Italy has sponsored a merger between Vicenza and Banca Popolare Etruria You law in the ‘question and answer’ published on the website of the central bank. “The hypothesis was independently made by the bank in Vicenza. Watch, as is normal, listened to the reasons of both parties to quickly form an opinion prior to their authorization. “” But the negotiations did not continue because the parties eventually agreed and no request for authorization was never formally advanced “
” The Bank of Italy has initiated sanction procedures against all those responsible for business against whom emerged hypothesis of administrative irregularities. “This was written by the central institution in the series of ‘questions and answers’ on the action of supervisory activities on the four banks. Via Nazionale “has also communicated to the Judicial Authority without delay, to the moment they were recorded, all the facts of possible interest emerged in the course of ‘surveillance activities “
” The on-site inspections that have revealed episodes of maladministration at Italian banks were carried out by inspection groups composed entirely or mostly by staff the Bank of Italy. ” And ‘claims as the central institution in the series of’ questions and answers’ published on the website to clarify and reaffirm the powers and limits of supervision. The Bank of Italy rejects cos’ the argument that the cases have emerged only after the transition to the European single supervisor. “Not so,” says the document. “It ‘good to remember that the national supervision is part of the European Surveillance: the single European supervisory mechanism is in fact based on close cooperation between the European Central Bank and the national supervisory authorities. Together, during this first period of operation, They discussed the issues related to individual banks in different countries and the banking system as a whole. They have been made significant efforts to create a single supervisory system able to provide equal treatment to intermediaries “
Contrasting the ratings top banker on the system of guarantees agreed between Italy and the EU for managing npl Italian banks. Some substantially positive opinions they accompany other marked by a certain skepticism. For example, according to Gianluca Garbi, CEO of Bank System , “insurance” from the state “do not know what it will cost; it is a very small thing in size, so it is not a solution.” Banks “will continue as a download” non performing loans “when they find opportunities to sell to investors and hedge funds. But I do not think that the mechanism gives a big boost to the disposal of npl”.
On the other hand His Cristiano Carrus, to Veneto Banca, first pointed out “that is not a bad bank, but a combination of vehicles that go up and down. However I think I have recourse if I scasserà the income statement. “But Carrus adds that” it is still too early to assess the cost. Then there is the threshold limit of three years that can be dangerous, because if I can within that time to close the transaction, in addition to supporting the higher cost then I can not even wrap their unsecured. Before leaving I will have to present very good operation. “
He prefers not rule Victor Massiah, CEO of Ubi Banca :” We are still studying the ruling “.
Positive instead the comment Federico Ghizzoni, head of Unicredit , which states that “the safeguards put in place by the government in recent days, if well defined, in some way help”. But Ghizzoni has pointed out that the “sufferings Italian are fully funded side. The real problem is the speed of recovery of collateral. ” For the CEO of Unicredit actually the bad bank agreed with the EU alone is not enough. “If the government will take other initiatives, the problem will be resolved quickly.” The most direct reference is the reform of bankruptcy law. “Banks can not sell 200 billion euro of suffering in a few months; demand it would be crazy, “said Ghizzoni.
from our correspondent TURIN Abstract: Italian banks “are well capitalized, also thanks to a pressing and prudent supervision,” impaired loans “are widely covered by write-downs and guarantees.” Italy, however, should ask for the “revision, to be launched before June 2018,” the EU directive on the losses borne by the investors in the case of the banking crisis, the so-called bail-in. Legitimate action, says the number one Bank of Italy, Ignazio Visco, since the same rule “contains a clause providing for the revision.” The EU does not comment, but lets in the line: “There are no plans to change.” THE NO BRUSSELS
The governor speaks to the audience of bankers gathered at Lingotto for Forex and tackles all the hot topics : band bank, saving the popular, macroeconomic environment, market volatility. And European rules. “A smooth transition would be preferable and less traumatic,” he says, to allow investors “to acquire full knowledge of the new system and guide their choices.” To give a further jolt they “definitely contest the public sector intervention for bank bailouts that in several countries weighed on the finances of the state, in some cases threatening its equilibrium.” It happened in Germany, Britain and France, where between 2011 and 2013 state aid triggered the fuse of speculation, thus increasing the cost of operations. So now Italy, suggests Visco, reflects the serious mistakes made by others. But it is possible to correct the course, is the exhortation addressed to Brussels, the EU lines on rehabilitation and on bank resolution (bank recovery and resolution directive, Brrd) provide for the revision and is an opportunity that “should be exploited, building experience. ” Apparently it is not the Commission’s projects, which in the evening entrusts reply to an official: “The Directive was adopted in 2014 with the consent of a majority in the European Parliament and with the unanimous agreement of the member states. For a year and a half know that the bail-in of creditors would protect taxpayers. “ MOVE REQUIRED
Just in the scope of the new regulatory framework “considerable sacrifice for shareholders and holders of subordinated bonds was inevitable” and in the case of the four banks saved (Marche, Etruria, Savings Bank of Ferrara and Chieti ) Bank of Italy has acted “carefully and promptly in compliance with the existing rules.” Without a rescue operation, detects the governor, the alternative would be a forced liquidation “that would have lost value and generated losses for holders of bonds and unsecured,” blocked “normal banking business” and ditched the local economy. There were other possibilities, says Visco, “The settlement procedure has been initiated, in the absence of market alternatives, given the irreversible nature of the collapse and the emergence of unsustainable liquidity strains.” THE PARACHUTE
But in the end who has paid for the rescue of the four institutions? Not taxpayers, ensures Via Nazionale. “The costs have been supported not only by shareholders and subordinated bonds, the banking system through the newly established Fund for a resolution. There were no transfers of public resources. ” The new regime for the European banking crisis has as main objective the stability of the financial system, so the aid is provided when there is a public interest and in all other cases “of full-blown crisis, there would be an alternative to liquidation.”
INDICATION The banking groups, in short, must be prepared. Visco points the way: the alternative to the resolution fund is the development of “voluntary mechanisms of action, additional to the mandatory deposit guarantee systems.” True that the economic recovery the flow of new bad debts is decreasing, but it takes time to the band bank deploys its effects and “no action can reasonably be expected to delete suddenly the mass suffering of the past must be attacked with determination banks, in a medium-term perspective. ” Non-performing loans of the banking groups have reached 360 billion, 18% of total loans, “more than half is registered in suffering and subject to procedures of partial recovery lengthy and expensive” and with the advance of the crisis vigilance “has ensured the progressive increase coverage rates: the average devaluation of the performing loans is now 45%, in line with the European average, for the suffering almost 60%, banks hold collateral for about 160 billion. ” Now there are countermeasures, but there is no parachute entirely sure. Visco warned: “No security activities, in any country, is able to clear the risk of banking crises, especially in times of severe recession.” Claudia Guasco
Report 2016 Italian Eurispes is an illustration in chiaroscuro of Italy in recent years. Many of the ideas published in the paper, published by Minerva Editions and submitted to the institutions and to the press at the Conference Room of the National Library in Rome .
Let’s start with what we believe most paroxysmal. According to research our country is a country with Three GDP . The phenomenon of undeclared is extremely widespread as to be often called “ bulk “, confirming an estimate that the same Research Institute produced in recent years, according to which ‘ Italian GDP has three: one officer about 1.500 billion euro; one submerged equivalent to about one third of the official one, ie at least € 540 billion of criminal and one of well over 200 billion. To about 540 billion submerged indicated correspond, considering a tax of about 50%, the sum of 270 billion evasion. On the other hand, a good portion is considered “underwater life support systems” in which important parts of society have tended to take refuge due to the economic crisis.
The use of “black” and the double work
In the survey Eurispes this year were asked to indicate, according to his own personal experience, what are the groups most often they work without a contract or without billing issue. The three categories most mentioned were: 80% of cases the baby sitter, in 78.7% teachers of repetitions, in 72.5% of the domestic workers. Following caregivers (67.3%), gardeners (62.7%), construction workers (60.2%), hydraulic (59.8%), electricians (57%), carpenters (56.4%) and medical specialists (50%).
In the last year however it happened to 28.1% of the sample to work without a contract (against 18.6% in 2015). A condition met by more than 50% of those seeking their first job and new jobs, 29.6% of students, from 22.4% from 13.8% of housewives and pensioners, but also from 83 , 3% of cassintegrati. The share of those who have done double duty, in the last year, is 21% (19.3% in early 2015). In this case you can not always talk about work in black, but more often “double-lavoristi”.
The use of moonlighting produces inevitably result in lack of work continuity and rights which increasingly often result in use of family of wear or contact the Caritas . Increasing the percentage of those who state that they have experience of friends or relatives who happened to borrow money to a loan shark (16.9%, +6); resort to Caritas and other associations to have help (22.9%, +2.7); lose significant sums of money to the game (28.7%, +13.4).
Further, proposals are interesting reflections about the factors that inhibit or block the worst socio-economic development of Italian society . To explain is the Eurispes president Gian Maria Fara , who said that Italy is suffering from a kind of syndrome Palio di Siena, that “The country is in fact slowed by a widespread and deeply rooted syndrome Palio of Siena whose main rule is to prevent the opponent to win, even before committing themselves to win in the first person. “she still continues Fara:” Envy and jealousy, if sometimes positively, become the propellant essential to growth and development. Enhance competition in the private market; push to changes in behavior, valuable and expendable in terms of the role and image in public. In fact, in our country it does not. Envy and jealousy result in resentment and disparagement. We hate and denigrate our neighbor more clever and instead to commit to achieve better results and overcome it in creativity, efficiency and capacity, we spend our best efforts to fight it, for killing their successes, to hinder or even block their path. In short, a real “waste of power”, a philosophy against instead of for. “
Other factors obstacle to growth are the bulky presence of the Bureaucracy, the overproduction of rules, laws and regulations. A brake that restrains growth and often stifles the will and ingenuity of the best spirits. A dynamic defined in no uncertain terms “regulatory paranoia”. This is evident for example in the tax burden and the difficulty of doing business. And the inability of the company to a “system”. No more fluid society described by Bauman, but a company “evanescent” in which everyone thinks of himself, and that can not process a total plan. It seems that our country does everything to deny their value, in short, the lack of merit and innovative capabilities that constrain or compel increasingly the best minds and feelings to leave the country. No secondary braking effect brought by a political system and a ruling class self.
Obviously the report is no shortage of positive notes and report the first signs of a turnaround compared to a decade of free fall. The interviews for example shows the positive trend in the number of stable believes the economic situation in the year just past (from 14.6% in early 2015 to 30.3% in 2016) and the increase of the optimists indicating a slight (1.5% to 16.2%) or a marked improvement (dall’0,0% to 1.1%).
In summary, some data reported in which there was a recovery in overall confidence and the slow abandonment of the climate of pessimism that has characterized recent years.
Outlook for the future of the economy: less pessimistic (-28.4%), the most trusted (+10.1%)
47 , 3% of Italians (+ 13.4% compared to 2015) for 2016 indicates a substantial economic stability of the country. 14.7% (+ 10.1% compared to 2015) is convinced that the situation will improve this year. Parallel halved the share of those expecting a worsening future (from 55.7% to 27.3% -28.4%).
The economic situation of families: you start breathe
In contrast to the survey of 2015 indicates a strong or slight deterioration in their economic situation is 40.7% (-36%); 12.3% (+ 9.4%) showed an increase of its resources, while rising from 18.5% in 2015 to 43.8% in 2016 the number of those indicating a stable situation.
The recovery in purchasing power
With a decrease of 18.4 points compared to (71.5%) detected at the beginning of 2015, the loss of its power ‘purchase remains a reality at the beginning of 2016 more than half of citizens, 53.1% (a sharp drop indicated in 13.4% of cases, rather less marked in 39.7%). In 2015 indicates “little” or “not” diminished capacity to cope with expenses and purchases through its own revenues were only 28.5%, while in 2016 the figure turns positive (46.8%).
Sharing consumption, even the ones not
The resources devoted to gifts are cut in 75.3% of cases (-6.8% compared to 2015 ). It reduces the number of those who: save on meals outside the home (66.2% -14.6%); It is aimed at the most economic as department stores, markets, outlets (76%; -8.5%) and discount stores (63.2%; 7.7%); changing the brand of a food product if more convenient (68%; – 13.7%); save on travel and holidays (67%; -7.7%), beautician / hairdresser (65.9% -14.8%) or technological items (69.4%; 10.7%); using more public transportation to save on gasoline (39.4%; 2.2%) or turns to the market (29.3% -14.9%). It also decreased the percentage of those having pets has saved on costs is dedicated to them (25.9% -23.6%); cuts down on costs for the baby sitter (48.2% – 5.3%), those for help in cleaning / household (37.2% -23.6%); while 37.8% it reduced expenses related to the caregiver. Increase instead is cutting medical expenses that in 2016 reaches 34.2%, against 32.3% in 2015.
Finally a specific invitation Eurispes to give you all the energy of the institutions to question of Southern whose situation after the recent years of crisis has undoubtedly worsened. The South can not grow.
This article was published on 30 January 2016 at 11:46. The last change is the January 30, 2016 at 12:16.
Italian banks are well capitalized and no further capital increases, but something in the mechanism crisis prevention of the financial system did not work properly and need to review some of the new rules on “bail in” adopted at European level has two main themes to heart the governor of the Bank of Italy, Ignazio Visco: the soundness of the credit system Italian and possible correction mechanisms that are penalizing over the demerits. And he stressed very clearly in the customary address to Congress Assiom Forex.
Look ahead and reduce the structural costs of banks “Italian banks are well capitalized,” Visco said this morning in Turin, stressing the merits of ” prudent action and pressing the Supervisory Italian and, for more than a year, to the European one. ” Impaired loans are in fact “widely covered by write-downs and guarantees,” says the governor, suggesting that no additional capital increases to the Italian institutions and should therefore look ahead, not least because “the economy favors the resumption of profitability.” “It’s time to face and forcefully reduce structural costs, to lay the foundation for robust growth, which will benefit the banks themselves and the economic system as a whole.”
Start the review clause of Brrd But is directed mainly in Brussels, and to the Italian representatives who sit in the institutions of the European Union’s appeal perhaps more important launched by Visco. The new rules on restructuring and resolution of banks (Bank recovery and resolution directive, Brrd) contain ‘clause, to be launched before June 2018, “which according to Visco” it is hoped that this opportunity is now exploited, building on experience to better align European rules, “adds Visco. The reference is clearly to the rules known as “bail in”, but only came into force, which also partly contributed to the market turmoil in January.
Visco remembers it as not been taken into account, unlike than repeatedly emphasized by Bank of Italy and the MEF, the fact that immediate and retroactive application of the rescue mechanisms “could result, as well as an increase in cost and a scarcity of credit to the economy, also risks to financial stability ‘, in relation with the “treatment of creditors in possession of bank liabilities signed years ago.”
“It would have been preferable for gradual, less traumatic, to allow savers to acquire full knowledge of the new regime and to gear their investment decisions based on the changed scenario, “admitted Visco, noting that” a targeted approach, with the application of the bail-in only to instruments incorporating an express contractual term and an appropriate transition period would have allowed banks to issue new liabilities specifically amenable to such conditions. “
On 4 banks” have acted promptly “ There is, in his speech to Forex, an all-out defense of the work of the Bank of Italy in the story of troubled banks recently saved: in the case of Banca Etruria, Carichieti, Banca Marche and Cariferrara, as in all other cases of banking crisis faced by the Supervision (about 100 over the last 15 years), has acted “carefully and promptly in compliance with the existing rules.” There were no alternatives then, according to Visco, “given the irreversible nature of the collapse and the emergence of unsustainable liquidity strains.” The evaluation of suffering particularly conservative banks in question corresponds instead ‘to the approximation of the theoretical value that would take, on average, assuming their immediate sale on the market. ”
The institutes were not saved with “public resources” The cost of the rescue “were born not only by shareholders and subordinated bonds, for Most of the banking system through the newly formed fund resolution, “added the Governor, taking to emphasize in particular that” there were no transfers of public resources. ” In this regard, Visco added that “one of the initiatives that the Italian banking system has to consider to keep the costs of a crisis for savers including the provision of voluntary mechanisms of action, additional to the mandatory deposit guarantee systems.” Ilcosto latter mechanism, which was not referred to state aid, would be charged then the banking system, and “it would be offset by the benefits which would derive all intermediaries, thanks to enhanced confidence and increased system stability.”
In the area of tax evasion during the current week data registers two opposed. The first concerns the funds allocated from the fight against one of the worst evils afflicting the Italian economy. In 2015 they will exceed 14.2 billion euro collected in the previous year, a figure which already marked a real record. Bearing in mind also that in 2014 the IRS had brought in their vaults a billion more than in 2013, The good news is that the system to combat tax evasion is making progress.
The second fact that we have mentioned is instead contained in the 2016 report of the research institute Eurispes. According to estimates in the report, the ‘Italian GDP would submerged € 540 billion. A vast number considering that the official GDP instead amounts to 1.500 billion euro. It should be noted that the 540 billion will be added a further 200 which were not included in that stemming from the criminal. 740 billion in all, then, as part of which, considering a tax rate of 50%, tax evasion (by itself) is worth 270 billion. Do the math at this point is quite simple. According to calculations by Eurispes tax evasion in Italy would be worth 18% of GDP. If account is taken of the submerged salt is in general rather than 35%. A figure much higher than that published by Istat, according to which, the underground economy in Italy, namely the set of all economic activities which contribute to GDP officially observed, but which are neither registered nor taxed would amount to about 17-18 percent of GDP.
The Evasion in Italy
Before you must have a premise: the submerged and on ‘tax evasion are not there, because there may be, figures, but only estimates. Everyone then makes its accounts according to various parameters and draws its conclusions. Below we present some data that in fact are different estimates:
According to the report published in 2014 on tax evasion based on Ministry of Economy Istat, the extent of undeclared national in 2008 ranged between 255 and 275 billion euro, figures in percentages are 16.3% and 17.5% of GDP.
Worst data of Bank of Italy that in the years 2005-2008 the underground economy amounted to 16.5%, a percentage which must be added a 10.9% resulting illegal economy (total 27.4 %). Speaking only of 2008, however, the technicians of the Bank of Italy recorded unobserved economy amounted to 31.1% (18.5% of its economy and 12.6% related to criminal activity).
The data of the Court of Auditors (reference period 2010-2013) speak more in detail of 34-38 hidden payments every 100 euro invoiced or declared.
The latest figures published belong to Confindustria estimates that tax evasion and contribution to 122.2 billion euro in 2015, equivalent to 7.5% of GDP. The tax authorities are subtracted almost 40 billion VAT, personal income tax of 23.4, 5.2 of IRES, IRAP of 3.0, 16.3 to other indirect taxes, which add 34.4 of social security contributions. Figures that do not correspond to the calculations of our government that speaks in DEF 91.4 billion average in the period 2007-2013.
In 2013, according to the latest “official data “published on a gross domestic product of 1.6 trillion, evasion amounted to 180 billion (10%). Today, according to Eurispes, the figure would rise to 90 billion more of GDP instead fell to 1.5 trillion and would therefore risen to 18%.
Tax evasion in Europe
Every year in Europe are lost altogether between tax avoidance and evasion about 1,000 billion euro of which, 860 and 150 of evasion of evasion, a figure that corresponds to the entire continental budget for 2014-2020 or the annual deficit of all EU states put together, so to speak.
Of these € 1,000 billion, according to the Tax Research in London, 180 belong to Italy, a country where the tax amounts to hidden 350 billion Euros and the relationship between the black and the GDP is approximately 27%, the highest percentage of all the European Union. To understand how serious the situation is, just bring the percentages of the major EU countries:
Britain: 12%,
France: 15%
Germany: 16%
Spain: 22%
Belgium 22%
Doing a quick calculation, the average of these five countries amounted to about 17% of GDP, a percentage that we overcome 10 points.
VAT Evasion in Italy and in Europe
Of course, we repeat, are only estimates. That is why we provide you with the information published last December by the Confindustria Research Centre. Again, Italy is the top places in the standings. In reference to VAT in fact we placed second after Greece, with a 33.6% evasion. What about the other countries?
Spain: 16.5% of VAT evasion
Germany 11.2% of VAT evasion
France: 8.9% VAT evasion
The Netherlands: 4.2% VAT evasion
If regarding the value added tax the media settled at about 10%, we get over the more than 23 percentage points.
The percentage of VAT evasion reported by Confindustria is also confirmed by Eurostat’s calculations, that the gap between what the IRS collects from ours ‘VAT and what theoretically should be collected on the basis of existing rules in 2013 was 47.5 billion.
The difference was calculated by the same European Commission about a handsome 33.6% to 2013. In absolute terms, the highest value in Europe, while in percentage terms we are overtaken by Lithuania (37.7%), (Romania 41%) and Slovakia (34.9%). Much better than countries such as Finland (4.1%), the Netherlands (4.2%), Sweden (4.3%), Luxembourg (5.1%), Slovenia (5.8%) and dlla aforementioned France (8.9%)
Overall, in the EU were lost 168 billion of receipts VAT revenue losses amounted to 15.2%. Again, needless to say what the difference is between our data and the continental average.
It seems clear, then, as the euro recovered 14.2 billion in 2015 according to estimates by MEF appear first signal However, that improvement continues to affect too little sull’evasione total of our country. Every year, we lose billions upon billions that could be used to reform virtually all areas of our country, fund innovation and development, save the culture and create greater social equity. Miracles are difficult to achieve, but down a bit ‘our rates in order to conform to other EU countries might be well and good.
This article was published on 30 January 2016 at 08:16.
MILAN
New reorganization surprise at the top of Luxottica: Adil Khan, arrived a year ago, leaves his position as CEO of the group eyewear, with the chairman Leonardo Del Vecchio, founder of the group, who assumes all the powers in the markets and become executive chairman. The other to Massimo Vian remains in place and continues in the role of CEO and Product Operations.
The note, issued in the late evening after a board of directors river, crowds out the market. He explains the release of Khan, who will receive a severance payment of 7 million, with a theme of simplification. “My decision to assume operational authority and make a more active contribution to management comes from knowing that in this new market environment and to accelerate the evolution underway in the markets we want a renewed entrepreneurial spirit,” said Del Vecchio, explaining his move to assume executive powers and confirming that the new structure at the top, you will see the founding hero, “is also a guarantee that the growth, efficiency and investment remain priorities and will continue to have a long-term horizon.”
MILAN
The same Khan stressed that “there was no conflict with the rider Del Vecchio is an issue of simplification of the management, in three we were not efficient enough.”
Speaking with Reuters, Del Vecchio said the role he wanted, and the dream he had for this company, “is the founder, controlling shareholder, has every right and ability to make it happen,” He continued the outgoing manager. “Leonardo Del Vecchio – he added – is certainly realistic about the fact that one does not imagine a decade of its presence in Luxottica, but certainly wants to return to lead the company in the next two or three years.”
The ad Massimo Vian finally pointed out that it was “a year of great collaboration and results” and confirmed the new business plan.
A theme of simplification, then, but above all a new return to the forefront of Del Vecchio revolutionizes the third time the summit of the giant glasses. Unconfirmed report of a vision of sync between the outgoing and to the owner of the group.
But certainly at this point they will open a series of questions. First is whether the new vertex and ‘final, or exit the ad Adil Khan will be replaced in a short period of time. Second, it is keenly awaiting the response of the market to the new relay.
While waiting for answers, you look at the numbers with Luxottica, which continues to grow at double digits. Luxottica has closed 2015 with a turnover adjusted up 17% over the record level of 9 billion (+ 5.5% at constant exchange rates). Both wholesale and retail divisions have contributed to the results with an increase of respectively 12.5% and 20.3%. To highlight the exceptional performance of e-commerce with a revenue increase of 50%.
Europe and emerging markets have driven growth with sales increases of 7.8% and 14.5% (+ 6.8% and + 13.3% at constant exchange rates). Also excellent results in North America that continue to benefit from the strength of domestic demand.
In the fourth quarter of 2015. Adjusted revenue improved by 8.9% (+ 2.7% at constant exchange rates) exceeding 2 billion, with wholesale and retail divisions up respectively 7.7% and 9.6% (+ 7.1% and + 0.1% at constant exchange rates).
” I do not think that there may be a justified concern on the premises of our banking system. ” Giovanni Bazoli, chairman of the Supervisory Board of Intesa Sanpaolo, does not fear for the future of Italian banks. After the presentation of the results of the Compagnia di San Paolo, the largest shareholder of the bank, Bazoli also focused on the trend of bank shares on the stock market, in particular the fall of Thursday, January 28: “I think it’s the tail of a storm It occurred in recent days. Before judging that the Government (with the European Commission in terms of the bad bank , ed) should see its applications. I do not think that the measure could lead to further losses. Of course it is a compromise but can not be the cause of heavy drop in valuations of the banks. ” According Bazoli they are “not justified alarms that result from evaluations that are considered worrisome problem loans. If we look at the net amounts – said – are absolutely sustainable. It is an alarm exaggerated. ”
“Without urgent, Intesa Sanpaolo can look abroad”
“I think the way in the competition. Today in Italy there are two large banking groups, if it would create a third would see with favor, “he replied instead Bazoli who asked him to comment on possible mergers in the Italian banking system. As for any operations for the group Intesa Sanpaolo, Bazoli said that “no reasons of necessity and urgency the problem of our bank is to look at an international presence greater than it already has: in Italy we already have a significant presence and capillary optimal . If we have to do something else, we have to do in technical terms. Without haste, in terms of perspective. ”
Messina: “The choice of president is up to shareholders’
While Bazoli spoke in Turin, the CEO Carlo Messina answered reporters in Florence, on the sidelines a conference on city subways. Messina – asked about his hopes for the choice of the next president of the new banking group – the identification of the new number one of Intesa Sanpaolo “is an issue for shareholders and not to the CEO. I have already said to be lucky to have had presidents as Professor Bazoli, who built one of the best banks in Europe, and Professor Gros-Pietro which are in complete harmony. ”
January 29, 2016 (modified January 29, 2016 | 16:44)
Basically Khan, born in 1964 in London by Pakistani father and mother Italian-Hungarian, in only one year at the helm of Luxottica has brought home 20 millions of euros. The ANSA says the CEO of outgoing Luxottica Adil Mehboob-Khan, specifying that for now no new shores Professional defined.
The founder and president Leonardo Del Vecchio (80) takes on the executive powers to the Markets area, while Vian Massimo continues in the role of AD Product and Operations.
It is what was decided in Board of Luxottica , with the same Del Vecchio, in thanking “Adil for the great passion and professionalism with which they supported us in this period of profound transformation”, spoke of “simplification of the organizational model” before remembering “yet another year closed with record results and will begin a new one with great enthusiasm and the will to better manage global agenda Piau always complex and full of opportunities.”
Adil Mehboob- Khan will leave ‘office on 29 February and will receive’ a golden handshake of 7,000,000 of euro to little more ‘than a year of work in society’.
“My decision to assume operational authority and make a more active contribution to management comes from knowing that in this new market environment and to accelerate the evolution underway in the markets we want a renewed entrepreneurial spirit, “said Leonardo Del Vecchio after taking powers, confirming that this step “is also a guarantee that the growth, efficiency and investment remain priorities.” This was announced by the company ‘. In the fourth quarter sales rose 2 percent to 2.015 million.
The AD Vian stressed the continuity of strategic vision with the President and assured that in 2016 the Group will achieve the goals it comes after “a 2015 record.”
Leonardo Del Vecchio back to take the reins of Luxottica. In the year in which the group of glasses reaches the record of 9 billion euro, the entrepreneur has once again hand the governance deciding to take operational powers firsthand. The board of directors yesterday approved the turnover of 2015, it has launched a new structure. Slimmer: Del Vecchio, 80, former president, becomes executive chairman, while Massimo Vian remains single CEO. Comes out, therefore, Adil Khan, the CEO called a year ago to follow the markets. A separation agreement, said the group. “It was a privilege to work alongside Massimo and the Cavalier Del Vecchio in a strong, beautiful and a great example,” said Khan, who has participated in any meeting of the board. A tip when we talked at length about the new structure. Del Vecchio is the entrepreneur that most of all he is identified with the separation of ownership and management.
Why this choice of operating return? “Why the company needs to be quicker and easier to make decisions. The summit with the two co-CEOs did not allow this speed. But I want to emphasize that I have against Adil Khan a deep appreciation and respect. ” He had a change of management to managers? “It was not my intention to change my mind. I chose a young manager, Dr. Guerra, thinking be occupied directly by Luxottica. As long as the managing director, who was the manager, he has begun to look to another. I asked a question about what his intentions were, as is normal, and how did the council today also with me. I replied that I wanted to take his place, putting their backs to the wall. They came back to Luxottica to support the new management thinking to come out in December last year. ”
And instead? “Going back to talk to people, visiting branches, going in different markets I realized that the company was back. Let me give an example: the integration with Oakley, which after eight years has not yet been completed. Now we have a plan because it will end in 2017, ten years after its acquisition. But these are not times nor markets that allow such slowness. Another example: the internet. There are much smaller groups of us who make substantially larger numbers with e-commerce. From the last year and a half we are recovering, we grow by 50%. Luxottica is a great company, but if a company does not follow the time in which he lives gets old. I do not want that to happen. We have before us a beautiful future. ”
The market will appreciate? “Luxottica could not get the results that if he had a solid management structure. And the market knows it. In the last year and a half the stock rose from 40 to a maximum of 66 Euros. ” How long will his commitment? “Time to make the company leaner and faster, we have a plan for reorganizing and simplifying by 2017 all the commercial, marketing and markets. He will remain at least until that date. But it is my duty to think about the succession and I have already started to look into the company. We have some excellent second lines, my successor is among them. ”
He is not thinking of a family member, then. “I would never leave a child in such a big company, I would not give this sentence. It takes a team of young managers: the best among them will give continuity. As for the family, we have a holding, Delfin, in which each child has the same height and when the time comes where I will go “on vacation” add dividends according to the rules of the Statute that we have approved. ”
No more external managers, but internal promotions. Even General expressed his hope that it does. “Now you have created a super market manager to which the market gave a magnitude that it is right that they ask certain figures. What I regret is that when they go out to seek excuses. But if you were number two and you have to take the number one it is normal to leave. No need to make excuses. “
Confirmation doubling of revenues Luxottica in 10 years? “Certainly. It is a result that we will achieve even without acquisitions. ”
Why do not we do more? “Because we have a chance to double only developing what we have, our programs are very accurate. If acquisitions will grow more. “
The United States is your main market . They are good, but some say that will not last long. “Although Europe and the United States are considered mature markets continue to give us great satisfaction. It is why we have been slow in entering Asia. Today this favors us because it gave us time to understand the market. We tested and understood that we must enter China with our own sales network. We’re creating, I will be in Beijing in late February. “
January 29, 2016 (modified January 29, 2016 | 22 44)
This article was published on 29 January 2016 at 21:04. The last change is the January 29, 2016 at 21:24.
“We expect that in Italy the economic recovery will accelerate in 2016″. Writes Standard & amp; Poor’s in a report dedicated to the Italian banking sector. A few days ago, in presenting its outlook for Italy in 2016, the rating agency’s chief economist Jean-Michel Six had anticipated that 2016 “will be the turning point for Italy,” after which in 2015 is “finally” returned to growth.
The report today track, in particular, a framework on banks and, for the majority of institutions, the outlook for the S & amp; P remains “stable”. “The Italian banking system – says the report, entitled” Economic recovery and government measures offer opportunities to Italian banks, but not an instant cure “- will benefit from a stronger economy, particularly in terms of asset quality and profitability, but we expect only gradual improvements. The operating performance of banks will remain moderate. ”
Standard & amp; Poor’s therefore is optimistic about the prospects of the beautiful country, reinforcing the belief of Pier Carlo Padoan on the fact that 2016 will be a “turning point.”
The rating agency however does not expect Italian banks bounce back “quickly” by the recession “despite a strengthening economy and the new measures adopted by the government to support them.” According to S & amp; P are three “weaknesses” that arise for Italian banks: “They have accumulated a large stock of non-performing loans,” suffer from structural rigidities and low efficiency, and are very fragmented and therefore difficulties in achieving economies of scale . With the reform of the popular, is coming by S & amp; P a phase of “consolidation among regional and local banks,” and in 2016 the authorities should be able to sell the four ‘good bank’. The strengthening economic recovery “will do well” to the banking sector – writes the rating agency – especially in terms of asset quality and ability to generate profits, even if only gradually. And insurance (Gacs) launched by the government to facilitate the disposal of bad debts, “even if positive, will hardly clean up quickly budgets.” For this reason, most “of our outlook (on the ratings of banks, ed) remains stable,” concluded S & amp; P.
” We now expect that the economic recovery gains momentum in 2016 in Italy. ” Writes Standard & amp; Poor’s in a report on the Italian banking system. According to news agency ragitn are three “weaknesses” that arise for Italian banks: 1. “They have accumulated a large stock of non-performing loans” 2. They suffer from structural rigidities and poor efficiency 3. They are very fragmented and therefore difficult to achieve economies of scale.
“Consolidation”
With the reform of the popular, is coming by S & amp; P’s a phase of “consolidation among regional and local banks,” and in 2016 the authorities should be able to sell the four “good bank”. The strengthening economic recovery “will do well” to the banking sector – writes the rating agency – especially in terms of asset quality and ability to generate profits, even if only gradually. And insurance (Gacs) launched by the government to facilitate the disposal of bad debts, “even if positive, will hardly clean up quickly budgets.” For this reason, most “of our outlook ( on the ratings of banks, ed ) remains stable,” concluded S & amp; P.
Padoan: 2016, pivotal year
The prospects of Italy and the banking system has also spoken Economy Minister, Pier Carlo Padoan, speaking at Monza during a conference on taxes Assolombarda: “Now we are in 2016 or in a breakthrough year – he said – because this year we expect, not only the government but also other institutions such as the OECD, which drops the debt. ” Speaking about the banking system, for Padoan is “The” solid “but” is having problems “and despite everything” has gone through a deep crisis and in spite of this strain is still standing. ” On the subject of suffering the minister he recalled that “in Italy amounted to 200 billion and passes but this number indicates the gross. Given this huge number, there are shells and ours are above the European average. ” Finally, he recalled that “the self-reform of the BCC will go to the cabinet next week rather than this because there was a technical problem and so I want to reassure everyone.”
29 January 2016 (modified January 29, 2016 | 19:36)
Milan – 16:15. The European markets dealing in recovery, after the slip Eve and following the unexpected move by the Japanese governor Haruhiko Kuroda . Across the Pacific, the United States, the economic recovery has meanwhile slowed a bit ‘more than expected, increasing the expectation towards lenient by the Federal Reserve.
A surprise today was the Bank colleague of Japan (BoJ), the Bank of Japan, which has decided to bring in negative interest rates applied to the cash held by banks at the central bank, in excess of that regulation: the rate drops so -0.1 % to + 0.1%. The great part of the deposits, in any event, will remain remunerated or at least to zero rate. To respond to the economic weakness of Japan and the absence of inflation, then, he assured that it will cut the cost of money further, if necessary. The move – which follows what was done by Mario Draghi in Europe and gives new substance to the possibility that the ECB will put in place further stimulus measures in the coming weeks – did fly the Tokyo Stock Exchange.
The big star of the day was the ‘ Nikkei in a roller-coaster day, as the chart shows. Eventually it closed up 2.8%, dragging the other Asian Squares: Shanghai and Shenzhen , in China, have gained more than 3% and Hong Kong was up 2.54%. The move has sharply devalued the yen, which was carried into in 121 against the dollar. The European markets exploit towing Asia and the repositioning of investors, who can buy at prices of balance: Milan rose by 2.4%, Frankfurt adds 1 , 4%, London 1.9% and Paris 1.6%. The banking sector is among the best of the Milan Stock Exchange, together with TLC. To push the titles of credit there are plans to merge the institutions: BPM and Banco Popular are getting closer and closer to the wedding. MPS does not start in price and when it enters into negotiations is up sharply, only to turn back to red. Change euro-dollar stabilizes at 1.09 area.
The trend roller-coaster in the last three days of the Tokyo Stock Exchange. We note especially the volatility of the last session, the announcement by the BoJ’s decision to bring in negative interest rates on excess reserves of financial institutions. Eventually the Nikkei gained 2.8%
Wall Street is rising with the Dow Jones rising by 1.2% and the Nasdaq recovering to 0.9%. The American GDP has slowed in the last quarter of 2015 growing by 0.7%, against 0.8% expected by analysts. The engine of the recovery has slowed tours, whereas in the third quarter had surged 2%, as recognized Wednesday by the Fed at the end of its meeting, the US central bank said it is monitoring the global economic and financial developments to assess that They may have impact on the first economy in the world. This leads one to think that the approach of the Fed on rates will be especially gradual. On the whole of 2015, GDP rose by 2.4% as in 2014.
As mentioned, the decision of the BoJ has come together to macroeconomic: the Japanese GDP will grow 1.5% in fiscal 2015, with inflation at 0.1%. Growth will remain at 1.5% in 2016, to slow in 2017 to 0.3%. “The risks are to the downside and include those of economies overseas.” Meanwhile, in December, the unemployment rate remained stable at 3.3% in 2015 and amounted on average to 3.1%, two points less than in 2014. Inflation, however, has stagnated at 0, 1% in the last month of the year and industrial production marked a fragile -1.4%. Europe stands out GDP of France , which marks a 0.3% economic in the fourth quarter of 2015 and a 1.3% annual: throughout 2015, the average growth was 1 , 1%, the strongest in four years. Dive, however, inflation Alps in January: the preliminary estimate is for a 1% monthly. Still, in Spain is the estimate of a GDP growth of 3.2% in 2015. Unexpected, however, the contraction of the Retail sales in Germany : -0, 2% monthly in December against estimates for a 0.4%. In January, according to estimates by Eurostat prices have risen by 0.4%, an increase compared to December 2015 (0.2%).
Again in US, consumer confidence measured by the University of Michigan fell in late January to 92 points from 93.3 the previous month. The figure is lower than the estimates of analysts who had expected a more modest decline at 93 points. The Chicago PMI index jumped to 55.6 points in January from 42.89 in the previous month, more than the threshold of 50 that indicates a phase of growth of economic activities.
Oil confirmed above $ 33: the electronic circuit the Light crude futures WTI rose by 7 cents to $ 33.29, after a top of $ 34.13, while Brent futures retreat from 2 cents to 33, $ 87, after a maximum of $ 34.84. Yesterday, crude ended coaster for the rumors and denials of a possible agreement between Russia and Saudi Arabia to assess the production cut. The surprise decision by the BoJ caused a crush of the price of ‘ Gold on the Asian markets and then restabilize. The metal for immediate delivery fee now $ 1,115 an ounce after selling nearly 1%. Little blur the spread between BTP and German Bund: stood at 108 basis points, but the yield on Italian ten-year bonds down to 1.42% from 1.50% the day before.
