The measure approved Friday night by the Council of Ministers aims to “solve forever all the banking problems.” So the premier Matteo Renzi , with considerable optimism, said the green light to the Banks Decree that contains the rest of the rules on the Refunds for subordinated bondholders Banca Etruria , Banca Marche , Cariferrara and Carichieti , “resolved “in November canceling the savings of thousands of customers. Will get a sum refund up to 80% of the amount invested, without the need of ‘ Arbitration at the’ National Anti-Corruption Authority , if you have a gross income “low” , estimated at less than 35 thousand euro for income tax, securities or assets of less than 100 thousand euro value. The Codacons is not at all convinced that the solution found by the executive is the ideal one: the Consumers’ Association has called the decree “ inadmissible ” and announced that it will appeal to Tar of Lazio for the annulment by the Constitutional Court. More open President Anac Raffaele Cantone , which reserves the right to “read the text in order to know in detail” but hot says: “It seems to me a solution that in the end, even though time has passed since the problem has arisen, meets savers because for most of them the compensation will be automatic. “
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flat rate of 80% of their investments to those who have low incomes or properties that are worth less than 100 thousand euro – the decree on compensation for those who have purchased financial instruments referred to did not know the hazards was expected for five months and it arrived on the table with cDM delay 30 days of the deadline that had been set in the law of stability . The main novelty is that it will get a lump sum of up to 80% without the need of ‘ Arbitration at the Anak who has a gross income of less than 35 thousand euro for income tax or assets of less than 100 thousand value euro, even if they earn more than 35 thousand. And there is an additional condition that must be met for entitlement to a refund without arbitration: you must have bought it by 12 June 2014. They stay out on the basis of this parameter “only 158 people who bought the secondary electronic market to discount “. The refund lump sum will be “net of fees and expenses and the difference between Performance of subordinated instruments and yield of a multi-year of equivalent duration: in case there is a positive difference is going to reduce the package. “
to have the right to automatic reimbursement will be” a little ‘more than half “of approximately 10,000 bondholders of the 4 banks involved in the crash, said the Minister of economy Pier Carlo Padoan , but inviting to “be careful.” “I estimates which must be verified, dependent thresholds, we are doing the counts,” he added. He declined to quantify the total amount needed for the operation. The amount “will also depend on the outcome of the arbitration process.” In any case, “the resources to cover both the automatic redemptions both arbitrations will not be rationed, there will be money for all those who are eligible. It is money coming from the banking system. “
Renzi:” Embrace Padoan. Who he says he had damage has made a choice “ -” If I were one of those who had the money “in the four banks saved by the state,” I would go to embrace Padoan ” , he has annotated Renzi, who did not fail to emphasize that savers of the four banks “are people who can say they have had a damage but largely have made choices, quite legitimate: bought subordinated bonds that gave yields more than checking accounts. ” Too bad that the European Commission has recognized that these institutions “sold unsuitable products to customers who probably do not know what they are buying.” Renzi for the story of the four banks “was deliberately and instrumentally told by different” and “actually the truth, net of propaganda is that our attitude has been very strict and serious. And there was no element of support to managers or the structure of banks that have been put in the resolution. ” The prime minister did not explicitly mention the fraudulent bankruptcy investigation that involves Pier Luigi Boschi , father of Reforms Minister, who was vice president of Etruria. In return, he claimed to have “saved the depositors that they would go to belly “: “Citizens have saved their money, there are Sanctions for managers and commissioners . “
Codacons:” We appeal unacceptable discrimination “ -” I criteria set by the Government are nonsense, nonsense and totally illogical – says the president of Codacons Carlo Rienzi – All savers have been damaged in the same way, but without any valid reason Benefits will be partial and 80% in bonds, and will then be only in favor of those with low incomes and Real estate under 100 thousand euro, unjustly leaving out all the others and creating unacceptable discrimination . “
As a pledge to the bank the company’s assets to accelerate debt collection – the decree, in addition to the chapter on refunds , it includes the other two: measures in support of business and acceleration of the debt and other financial provisions on the Dta (deferred tax liabilities) as a fund of solidarity for upgrading of banking personnel. To reduce claims recovery time “for legal entities, not physical, from 6-8 years to 6-8 months ” comes the ‘ non-possessory lien securities ‘, or the ability for banks to have a guarantee on movable property enterprise debtor, such as machinery and stocks, which the institute can acquire without going through the courts in If default in the return of the credit. The measure will also ensure faster procedures for foreclosures .
Extended the deadline for the sale of the bridge bank – Meanwhile always Friday the EU Commission gave the green light to extension of time within which will be sold the four new bridge banks born from the restructuring of the Banca Marche, Etruria, Cassa di Risparmio di Ferrara and Savings Bank of Chieti. The new deadline was not, however, disclosed “in order to protect the effectiveness of the sales process,” says Brussels. The previous one, as revealed by The Daily , was April 30. The extension of the sales deadline has been requested by Italy, the Commission points, and should contribute to the successful conclusion of their sale which is in progress in a process that must be “open and non-discriminatory.” The Italian fund resolution gave 3.6 billion State aid , with the approval of Brussels, to cover the difference between assets and liabilities, and to capitalize on the bridge banks, plus additional guarantees It was about 400 million. To limit distortions of competition, Italy has therefore committed to keeping alive the bridge banks only for a limited period of time.
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