Banks, double track for redemptions – Il Sole 24 Ore

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This article was published April 26, 2016 06:23 hours.
the last change is the April 26, 2016 at 9:22.

It is given on arrival at the CDM tomorrow the new decree law on banks (the third in six months). A decree particularly expected, except for second thoughts now, not only from the banking world for the measures in bankruptcy and in particular those on insolvency proceedings, but mostly by the four banks asked by the government in the dispute resolution process subordinated bondholders 10,559 22 last November. The latter, in fact, expect to know how exactly will the procedure for access to compensation. The only thing certain is that the watershed between automatic repayment options and decided by an arbitrator is the date of August 1, 2013. People who bought subordinated bonds before that date, that is when the European Commission introduced the principle of burden sharing , followed in early 2016 by the bail in , will automatically get his compensation, which will still be benchmarked to income and the size of the investment made. For customers of the four failed banks that instead signed bonds after August 1 will follow the arbitration procedure. Whose management will be entrusted anti-corruption authority headed by Raffaele Cantone.

The double track for compensation allow Italy to not cross the border post from Brussels of the State and at the same time to enlarge the audience of subordinated bondholders eligible for automatic refund. According to the latest figures, this would have to at least two-thirds of subscribers. Between 2005 and 2012 the four failed banks (Banca Marche, Carichieti, Carife and Banca Etruria) have put subordinated bonds for 228 million against 329 million cleared by the resolution process.

On the sums due, however, you will have to wait until the new decree by which criteria related to both the investor’s income will be fixed to both the value of the investment, subject to greater attention to the weakest investors, which bought subordinated bonds in substantial percentages than their capital.

the interim measure is intended, therefore, to expand the number of persons admitted to options and consequently to increase the dowry of 100 million provided for by law stability. The more resources that will cover all or most of the 329 million “burned” will be guaranteed by the possible gains on sales of four good bank that will strengthen their consistency thanks to tax credits generated from deferred tax liabilities (Dta) of the four institutions failed and that with a standard ad hoc may be transferred organ bridge and not be lost with the 22 November resolution procedure.

in the decree could be embodied also have two other areas: one dedicated to measures to promote the recovery of the exhibits especially by the major creditors, with innovative institutions such as non-possessory pledge, and another intended to accommodate the deletion of some provisions of the enabling law on civil procedure in a run times cutting perspective civil disputes. In this last part should meet, for example, the provision of an accelerated rite for all disputes, and they are the vast majority, of the Single Judge jurisdiction, and the increase of the matters assigned to the business court.

these are in any case the elements still more uncertain given that the same content rules, in some passages then completely identical, supporting the creditors were also included in the February decree, to be then separated out during the Council of Ministers itself .

of course, the point most at risk is that of measures on civil procedure, heterogeneous than the rest of the measure all centered on the credit system. A common thread, however, may be identified in the will to put in place measures that are not concerned only to buffer the emergency payouts, but also to add some element of competitiveness to our civil trial. Following up this way to the statements of a Renzi, more interested in addressing some of the nodes of civil justice, rather than get bogged down in conflict with the judiciary on issues such interceptions.

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