Banks, 80% compensation for those on a low income – The Messenger

In the end, refunds will be automatic for just over half of savers, which will recognize 80 percent of what they had invested in bonds subordinated Banca Etruria, Banca Marche, and the savings banks of Ferrara and Chieti. Others will stay the arbitration road; the government still does not place a limit on the financial resources available (payable by the banking system) and for the standard compensation, both for those who will eventually be decided later, with arbitration procedures. It has been waiting a long time the measure by which the government intends to solve – permanently – the story of those who had signed the bond of the four institutions and if they were then seen clear last November to start the resolution process. The final version approved yesterday by the Council of Ministers, set up in close contact with the European Commission, is perhaps a little ‘less generous than it was leaked in recent weeks; and somehow this orientation is also confirmed by the words of the Prime Minister, according to which it is not right without distinction classify as “cheated” all investors involved in the affair.

THE DATA
 There are three criteria by which the admission to the automatic refund will be decided. The first is temporal: will ask those who had bought the bonds before June 12, 2014, date of publication of the Official Journal of the European Brrd Directive: one that introduces the principle of the bail-in instead of the public rescue in the event of banking crises. In other words, those who bought after that day should have known that there was a risk of losing. This parameter, however, appears decidedly not restrictive (previously it was referred to July 2013): as explained by the same Matteo Renzi will remain off only 158 people who purchased the securities in the secondary market and not the issue.

on the remaining audience of about 10,000 people will be applied two additional parameters, income and financial character: to achieve automatic compensation for those concerned should have had an annual income of no more than 35,000 euro or a personal estate within the 100 threshold EUR thousand. How many will be? Minister Pier Carlo Padoan said that the estimates are still ongoing and that especially on the second requirement will vary; but it indicated in a rough manner that just over half of rispamiatori can avoid arbitration procedures.

THE COUPONS
 To the arbitrators, to prove that they were actually duped, should instead contact the others, those who have a mix of income assets above specified levels. The amount of the reimbursement is fixed precisely at 80 percent of their investments, but this amount will be subtracted the costs and expenses incurred for the purchase transactions and above any earnings received in the meantime, thanks to the titles, if higher than in the same BTP. In other words, it must be returned any difference between the guaranteed coupon subordinated bonds (generally quite palatable) and those on government bonds, taken as investment reference “normal.”
 THE ALLOCATION
 Throughout the operation the law of stability had identified an amount of 100 million, not borne by general taxation, but the banking system through a special fund. These resources will increase, although at the time there were no figures shown. The principle reaffirmed by the minister is that those who are entitled to lump sum compensation will perceive emotionally and will not have to worry about the exhaustion of resources. Resources that will always get from the banks through the payment of a fee to the state to accompany the release of the mechanism of deferred taxes: about 100 million obtained through this channel should instead go to fund the next decree competitiveness.

Meanwhile, yesterday the European Commission has announced that it has extended the deadline for the sale of the four new banks were born from the restructuring of institutions admitted to resolution. The new deadline, like the old one, was not made known not to affect the market.

 

 30/04/2016 00:00:00

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