Inflation: Confcommercio, short moderate acceleration in prices – Italian Stock Exchange

After the June Istat (Il Sole 24 Ore Thomson Plus) – Rome, 30 Jun – The cyclical variation in inflation, albeit less favorable (+ 0.1%) compared to expectations “incorporates some clues that lead to assume, in the short term, a moderate acceleration of the dynamics of prices on an annual basis “. And ‘the Confcommercio Studies Office comments to preliminary data released today by ISTAT. So, according to data from the Institute for Confcommercio, it “confirms a return of inflation into positive territory for the end of the summer.” On the other side, “what ‘it raises some concerns and’ almost continuous reduction between February and June, the confidence of households, a phenomenon confirmed by the growth of the propensity to save in the first half of 2016. Therefore, a certain weakness of the Real household spending seems to be reflected in the inadequate pricing dynamics. in conclusion, in relation to new and growing uncertainties on the international level, increase the risks of a downward correction in the growth rate of the Italian economy already ‘in 2016. “

com-fil

(RADIOCOR) 06/16/30 16:33:18 (0470) ENE, IMM, ASS 5 NNNN

Banks, EU-ahead to the shield: State guarantee to be 150 billion – The Messenger

The European Commission gave the green light Sunday to an audience backboard to Italian banks, to be activated by the government as necessary to cope with any market turbulence. And ‘what emerges from a note of the Committee. It is, according to the Wall Street Journal, a State guarantee of 150 billion liquidity for banks to create a support program estimate, to be activated only in 2016, and for solvent institutions, which departs from the “rules on State aid ‘in situations “exceptional”.

the scheme proposed by Italy and authorized by the Commission until 31 December 2016 provides that the State will provide its guarantee on the debt of solvent banks (senior bonds newly issued). A scheme that puts the government in a position to intervene in case of adverse scenarios. You explain what sources of Economy ministeo, highlighting that any guarantee would head to the Treasury.

The scheme is compatible with the Commission communication on state aid in the banking sector of 10 July 2013. as mentioned a few days ago, before the financial market turmoil, the Government has seen fit to assume all scenarios, even the most improbable, to be ready to step in to protect savers. As stated by the Prime Minister last Friday 24, the Government equips for reasons of caution all necessary measures to deal with any scenario, even though at the time did not deem the conditions for such scenarios can be realized.

“The EU Commission has authorized, under the rules on State aid, the introduction of a guarantee scheme for Italian banks until 31 December 2016. the scheme covers the liquidity support measures in favor of solvent banks as a precautionary measure ” Brussels wrote in a note. “Italy has requested the Commission to authorize the liquidity support, which can be supplied to solvent banks in case of need,” the statement said. Italy “has notified this measure for precautionary reasons,” but “there are no expectations which arises the need to use this pattern.”

“During the application of extraordinary rules for state aid to banks, the Commission shall authorize the guarantee schemes for a period of six months to monitor developments and adjust conditions according to them,” he explains the note. “As demonstrated by this decision and other precedents, there is a number of solutions that can be put in open field than the European rules to address the turmoil,” concludes the Commission.

After days of uncertainty, therefore, brussels – in a rather roundabout way – broke the news that he immediately had a positive impact on the stock market: Italy has asked to authorize public guarantees for liquidity support to solvent banks and Brussels gave it. This is the immediate safety net to stop the increase in tension in the markets centered on Italian banks.

Significantly, both Rome and Brussels converge on a message to be reassuring: it remains to be seen whether it will be necessary to use the guarantee scheme for banks that do not have capital problems. If anything, the Commission says openly that “not expected” to be used. However things is the life preserver. Logically this implies that the problem banks is not closed, so far nothing indicates that the discussion with Brussels is over.

On the Italian side, in fact, it has not been denied if the government aims or not to obtain recognition of a “severe financial disruption” and the need to “preserve financial stability” in order to be able to decide extraordinary public support without opening a resolution procedures.

 

Banks: the EU agrees to Italy – ANSA.it

The European Commission gave the green light Sunday to an audience backboard to Italian banks, to be activated by the government as necessary to cope with any market turbulence. It follows from a note of the Committee. It is, according to the Wall Street Journal, a State guarantee of 150 billion liquidity for banks to create a support program estimate, to be activated only in 2016, and for solvent institutions, respecting the “rules on state aid” in “exceptional” situations. “The European Commission has authorized, under the rules on State aid, the introduction of a guarantee scheme for Italian banks until 31 December 2016. The scheme covers the liquidity support measures in favor of banks solvent as a precautionary measure “writes the European Commission in a statement. The scheme is in line with the Commission’s guidelines on state aid to banks during the crisis (communication published in 2013), a scheme already applied in several states. “Italy has requested the Commission to authorize the liquidity support, which can be supplied to solvent banks in case of need,” the statement said. Italy “has notified this measure for precautionary reasons”, but “there are no expectations which arises the need to use this pattern.” “During the application of extraordinary rules for state aid to banks, the Commission shall authorize the guarantee schemes for a period of six months to monitor developments and adjust conditions according to them,” the note states. “As demonstrated by this decision and other precedents, there is a number of solutions that can be put in open field than the European rules to address the turbulence”, concludes the Commission.

Sources, institutions assess costs and guarantees mode – the Italian banks expect to see costs and modalities of the guarantee scheme for the liquidity that the state has become authorized by the EU. And ‘what relate different financial sources, according to which “beyond what will be activated and whether such guarantees”, the option “is a useful safety net also recognized immediately in the stock market.” According to the same sources, there are “several institutions that could enable the scheme that has the advantage of not having to provide, as is done in operations with the ECB, bonds (collateral) as collateral.” Titles that some institutions have already given to the Q and the ECB itself, or who want to keep in the portfolio

Source MEF, investor protection scheme – The scheme proposed by Italy and authorized by the Commission until 31 December 2016 “puts the government in a position to intervene in case of adverse scenarios,” because “before the financial market turmoil of recent days has seen fit to assume all scenarios, even the most improbable, to be ready to intervene to protect savers “: they do know about the sources of the MEF state guarantee scheme for banks. This provides that the State “can provide its guarantee on the debt of solvent banks (senior bonds newly issued)” and the eventual guarantee would be in the hands of the Treasury. The sources explained that “before the financial market turmoil of recent days, the government has seen fit to assume all scenarios, even the most improbable, to be ready to step in to protect savers.” And as already Renzi had said last Friday, “for reasons of caution the government equips all necessary measures to deal with any scenario, even though at the time did not deem the conditions for such scenarios can be realized.”

Boccia, okay EU public guarantee chosen common sense – “Allowing the provision of liquidity support to banks Italian solvents by the European Commission represents a sensible choice.” This was stated by Francesco Boccia, president of the House Budget Committee. “The Scheme of guarantees on bank liabilities, up to the end of 2016 for precautionary reasons, to be used in case of necessity – he explains – it is appropriate to reiterate to the markets that the institutions are willing to do anything to sterilize distortive effects and in Brexit the possible turbulence linked to the loss of confidence. ” “Now – he continued – the major efforts already made for the first phase of Atlas from the Italian banks that have acceded to it, and at the same CDP, serves complete the financial framework with sufficient resources to cope with the full amount of the required capital increases and final disposal of bad debts. the conditions – ensures Petanque – we are all, now serving speed and determination as well as international resources that have so far been lacking. as stated several times in Parliament, with 10 billion to 12 billion it meets the needs of basis related to the completion of the capital increases and the completion of the support provided for the NPLs. the remainder of the market, if it guaranteed a minimum public commitment, is able to absorb it gradually, “he concludes.

Unicredit: Life, the total share of BoD Mustier choice (RCOP) – Il Sole 24 Ore

30/06/2016 18:11

  
  (Il Sole 24 Ore Thomson Plus) – Milan, June 30 – “I want to
 give a very warm welcome to Jean Pierre Mustier from
 my part and the whole board of directors who voted unanimously ‘. “
So’ the president of Unicredit, Giuseppe Vita, to comment
 the appointment of the new CEO. “I’m very
 happy, in the interest of the Group, which has agreed to
 return to UniCredit and share with us the challenges of
 next years. We know Jean Pierre – he added -
 ’cause he already’ worked in the Group with excellent results and
 Jean Pierre knows UniCredit. This will allow ‘a
 immediately take on control of the bank and
 devote his ability ‘and his experience to
 achievement of objectives that are in the interest of
 all stakeholders, starting with the people who
 working at UniCredit in different countries. “Life goes on
 emphasizing that they “personally satisfied with the
 rigorous path that and ‘was followed for the selection of
 new CEO and that led us to
 find the best choice in the interests of the bank. Of
 great importance and ‘the total sharing of this choice
 by the Council will support ‘the new
 CEO in defining choices
 strategic. “Always” on behalf of the entire Board, and my
 staff, I also want to express a non Thanksgiving
 formal Federico Ghizzoni for the high quality ‘of work
 done over the years and the dedication shown in
 against the bank in difficult times
 for the banking sector. The professionalism, ‘seriousness’
 and Federico Ghizzoni commitment also allow us a
 orderly transition and a shift optimal deliveries
 for UniCredit. “
Com-Tmm
  
 (RADIOCOR) 06/30/16 18:10:56 (0559) 3 NNNN
  
 

Green light for the EU Commission to a shield for banks – BBC

Il European Commission President Jean Claude Junker

The European Commission has authorized – on the basis of EU rules on state aid – the introduction in Italy of a guarantee scheme for banks until 31 December 2016. This is a precautionary measure. According to the commission, this “scheme” is in line with the guidelines of 2013 and similar schemes are already operating in several EU countries. Italy has asked to authorize the provision of liquidity that can be done to support solvent banks if needed.

Enable ‘if necessary’

the “ceiling” of the public guarantee for precautionary liquidity support to solvent banks, on which the European Commission has given the green light to Italy, it could be extended up to a value of 150 billion euro. The figure, anticipated by Wall Street Journal, is confirmed by government sources. The value of government guarantees will depend upon the “special cases.” This would be “a measure to reassure the markets,” and that is why the EU emphasizes that there are no expectations that it is used. But in fact, it is a tool that the government could trigger “if necessary.”

the surety mechanism

the mechanism is reminiscent of the bank guarantee. In the event of a recapitalization that is considered worthwhile but at risk, the State could provide the state guarantees and the investor who has doubts on the capital increase, would feel reassured. Meanwhile, today Unicredit has chosen its CEO: will Jean Pierre Mustier. The Milan Stock Exchange closed in positive (plus 1.57%). Among the banks that are feeling the most bearish, Monte dei Paschi di Siena (less than 2.44%).

June 30, 2016 ( change June 30, 2016 | 20:01)

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Ok of a public guarantee for EU banks support Italy – Il Sole 24 Ore

BRUSSELS – The European Commission has announced that Italy has asked to authorize the provision of liquidity to the banks and at the same time support announced it had given the green light. He indicated the Antitrust Authority spokesman following state aid. It is a guarantee scheme valid until 31 December 2016 covering the solvent banks. The spokesman indicated that Italy has notified the measure, which can be turned to face possible market turbulence, for precautionary reasons and that “there is the expectation that such a need to use it. ‘

Visco: to save the banks will use all tools

The Commission’s decision was taken on the basis of the “guidelines” on state aid to banks during the crisis of 2013. Brussels remember that schemes of this nature are currently operating in several states. The fact that the Competition Authority does not expect that Italy needs to actually use the scheme to support the liquidity of solvent banks (which dureraàfino to December 31) is based on the facts.

The instrument of public guarantee schemes to liquidity ‘and’ was abundantly used during the long financial crisis. Italy is now in a small company: according indicate when EU sources, a similar pattern, and ‘in force in Greece, Portugal and Poland. The objective and ‘temporarily stabilize the balance sheet liabilities of banks. As there is a capital problem, the support measures should not be preceded by notification of a restructuring plan. A restructuring plan, however, ‘must be submitted to the Commission within two months if the total amount of liabilities’ guarantee (including guarantees granted before the date of that decision)’ and ‘higher than both the 5% of the liabilities’ total that a total amount of 500 million Euros. ”

The guarantees, and ‘s in the EU Communication of July 2013 which regulates these cases, may only be provided for new senior debt issues (senior) credit institutions (subordinated debt and’ excluded ); on debt instruments with maturities from three months to five years (or a maximum of seven years in the case of covered bonds). Those maturing in over three years, except in duly justified cases, shall be limited to one-third of the outstanding guarantees granted to an individual bank. Every three months, the state must “report to the Commission on the functioning of the regime, the fees charged for guaranteed debt issues and expenses.”

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UniCredit, Jean-Pierre Mustier is the new CEO – Il Sole 24 Ore

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Unicredit in the swing, analysts promote the appointment of Mustier – Il Sole 24 Ore

Unicreditin swings in the stock market, together with the Milan Stock banking sector. After a start in deep red and a stop in the volatility auction, the street actions Gae Aulenti rose up to a maximum of 1,977 with an increase of more than 2% after the news of the appointment of the new CEO, Jean Pierre Mustier driving of the bank. The title is then returned in red and goes into the swing as the credit industry (hence the performance of the FTSE Italy All-Share Banks Index). The Board of Directors of UniCredit has unanimously co-opted Mustier. The manager will take the place of Federico Ghizzoni as from 12 July.

UniCredit, final test at the ECB for the new CEO

The Board has assessed that “Jean Pierre Mustier is the best person to fill the role of chief executive officer, as they possess all the necessary requirements. ” The appointment will be subject to the evaluation of the European Central Bank. In choosing, the appointments of Unicredit Committee “after reviewing several candidates of international level, has taken particular account of the quality and the Mustier professional skills as well as the considerable experience in the international financial services and the already gained knowledge of the group ‘ .

in a report this morning Intermonte assessed positively the possible appointment of Mustier ‘as good managers with international experience and have knowledge of Unicredit reality. ” Mustier is “the right manager to optimize capital and restructure the bank, with the sale of non-core assets with low profitability.” Mediobanca Securities analysts point out that the manager, as the favorite in the final hours, he was head of Corporate & amp; Investment Banking of UniCredit with Ghizzoni in the role of CEO, and has deeply restructured the unit leaving the bank to work concluded. The appointment of the new CEO, for analysts, is a key step to stop the sales on the title. However, it is likely that the shares will continue to suffer until the presentation of the new plan and the announcement of the possible capital increase.

(Il Sole 24 Ore Thomson Plus)

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Snam, via the plan by 4.3 billion – Il Sole 24 Ore

London

Snam is determined to play at the forefront of the single gas market game and to do so, the company headed by Marco Alvera is ready to put on the plate 4.3 billion euro by 2020 to boost the Italian system and integrate it more and more with the European one, focusing on the core business (transportation, regasification and storage) and separating their own destiny from that of Italgas (distribution), destined to land Piazza Affari for November, downstream of a path centered on a partial and proportional demerger. Not to mention the further growth across the border where Snam oversees already firmly the two main European energy corridors.

So yesterday, in the heart of a city still shaken by the response on Brexit, the number one Marco Alvera, flanked by CFO Antonio Paccioretti, outlined the strategic plan 2016-2020 aimed at strengthening the flexibility and liquidity of the Italian market, and by enhancing the transport network, which will be allocated 3.8 billion euro over the plan, thanks to the completion of the two-way gas flow capacity (the so-called “reverse flow”), both providing additional storage capacity. A conjunction that, including the development of new integrated services for operators and a prudent policy of international expansion ( “we are interested only asset with industrial sense but also economic return,” is the mantra of the CEO), should ensure an annual growth Rab (the capital invested for regulatory purposes) at a rate of 1% compared to the 19.2 billion estimated in late 2015, and a attrattativo dividend for shareholders who in 2016 will be paid separately by Snam and Italgas: the first will be 21 euro cents (with a 2.5% annual growth for 2017 to 2018), while the post-demerger of Italgas, still to be decided, should help to ensure an amount at least in line with the overall coupon 2015 Snam (25 cents).

Then there is the section of the separation that occurs with what promises to be one of the largest operations in 2016. The posting states that the transfer of 100% of Italgas under the new company hat to guidance that will come Paolo Gallo, outgoing Grandi stations, centers on three tracks: a contribution in kind, 8.23% of Italgas against which Snam will have 13.5% of the new company; the sale to the new reality of 38.87% of the subsidiary for 1.5 billion; and finally, the partial and proportional demerger of Snam, downstream of which the new company will be given added Italgas package pertaining to the spa of pipelines (52.9%) with its shareholders who, in turn, will acquire the remaining 86 , 5% of the new company.

A dust has settled, in short, Snam – which also approved the repurchase of its shares to a maximum of 3.5% of the capital – will have 13.5% of the new company, while its main shareholder, CDP networks, will own 25.08% plus a 0.97% of CDP Gas (just enough to stay above the threshold of Opa), both assisted by the advisor and Barclays, on the legal front, Chiomenti, while Goldman Sachs has joined Snam, with Cleary Gottlieb Steen & amp; Hamilton and Orrick, Herrington & amp; Sutcliffe as legal advisor. Snam, CDP and CDP Reti Gas also signed a shareholders’ agreement every three years to ensure a stable ownership structure and to protect the rights of Snam as a minority shareholder and a say in any extraordinary transactions. The spa of the gas pipelines will still be able to sell his package before the deal expires. “It’s a financial minority stake,” says the top manager not before it has been defined as “strategic.” “For the rest, no hurry to sell, there is no negotiation on the horizon.”

On the horizon, however, we are the next challenges for the new Italgas. And Gallo, which will be operational in the coming weeks, comes with a very clear mandate: to focus on the opportunities of consolidating Italgas in the Italian market. That, for the company, it means the opportunity to expand its presence beyond the 113 Atem (minimum geographical areas, ie the basins of the races on the distribution defined by Mise and energy authority) already has a presence, backed up by new downstream ammunition separation. Because the path announced yesterday is accompanied by a big-budget package to 3.9 billion (a bridge to the 2.3 billion bonds, revolving credit lines of 1.1 billion bilateral bank lines for 500 million) syndicated with a consortium lot fed (Intesa Sanpaolo, Barclays, Mediobanca, UniCredit, Crédit Agricole, Citi, ING, JP Morgan, Socgen, BNP Paribas and the same CDP) that will allow Italgas, along with two EIB loans by 424 million “inherited” by Snam, the repay intercompany debt (approximately EUR 2 billion on a total of 3.5 billion at the end of 2015) and to support future plans involving investments of 2 billion euro in the next five years and a Rab expected to more than 7 billion at the end of that rationalization of the portfolio, including new contracts taken home and discontinued non-core franchises, that the races will bring with them.

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Istat: in the first quarter the deficit / GDP ratio falls to 4.7% – Il Sole 24 Ore

The net government debt relative to GDP (raw data) in the first quarter of 2016 was 4.7%, compared with 5.2% in the corresponding quarter of 2015. This was communicated by Istat. The primary balance turned negative in the period to 4.658 billion (-5.74 billion in 2015 consideration). Their impact on GDP amounted to -1.2%, compared with -1.5% in the first quarter of 2015. The current balance (savings) in the first quarter of 2016, which also yielded negative by 8.319 billion euro, slight improvement. Total expenditure in the first quarter of 2016 increased by 0.4% compared to the corresponding quarter of 2015. As a percentage of GDP decreased in trend terms by 0.9 percentage points, falling to 47.6%.

Padoan: the Italian economy is coming out “a death trap”

The current outputs, Istat said, recorded in the first quarter of 2016 a trend increase of 0.7% , resulting from the compensation of employees growth (+ 0.4%), intermediate consumption (+ 4.2%) and social benefits in cash (+ 2.3%) and by decreases in other current outputs (- 5.1%) and interest expense (-0.8%). The capital outlays fell 4.1% on-year; in particular, gross fixed capital formation increased by 0.6% and other capital outlays fell by 16.1%. The total revenue in the first quarter of 2016 increased by 1.2% in trend terms, and their impact on GDP was 42.9%, down 0.5 percentage points compared to the corresponding quarter of 2015. The current revenue in the first quarter of 2016 increased, in trend terms, by 1.0%; in particular, there were increases in direct taxes (+ 1.5%), indirect taxes (+ 2.4%) and social contributions (+ 0.9%) and a reduction in other current revenues (-5, 2%). Increasing the capital revenue (+ 48.0%) were found. In the first quarter of 2016, the tax burden was 38.9%, marking a reduction of 0.2 percentage points over the same period last year.

+ 1.1% households’ purchasing power, consumption unchanged
In the first quarter of 2016 the disposable income of households increased by 0.8% from the previous quarter, while consumption remained unchanged. According to the surveys by Istat the propensity to save of households was 8.8%, up 0.8 percentage points from the previous quarter. Since the “deflator” implicit in household consumption fell by 0.3% in quarterly terms, the purchasing power of households increased by 1.1%.

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Germany Italy curbs on banks. Renzi: “We respect the rules” – The Republic

MILAN – Before the well-informed source close to the government in Berlin, then the same Chancellor Angela Merkel: the idea that Italy ask for a window the exception to the application of the bail-in – that is, the involvement of investors and depositors in the institution’s rescue, before resorting to public funds – not like Germany. A position that calls for the immediate response of Prime Minister Matteo Renzi, who takes away the order of the European agenda the question of the revision of the rules because “even with the current ones we are able to protect savers.” And who then throws the jab: “We respect the rules, the Germans did not do so” in reference to the overruns of the Covenant of the 2003 Berlin stability, tolerated at European level “and by the Berlusconi government.” He could not miss then the reference to the 247 billion that Germany has put into the pot for its banks, while Italy “missed an opportunity” for
“intervene in a structural way” on the issue.

the German stop. However, the German Chancellery, is opposed to any attempt to protect investors if the Italian government goes ahead with the plan to recapitalize banks, emerged in these days of financial turmoil as a result of British vote on Brexit. To say it in Bloomberg were at first German government sources, according to which Berlin tip to apply the EU rules in the rescue of the banks, thus, imposing losses on shareholders and certain creditors before they are used public money.

But then came the confirmation harder, that of Angela Merkel, that a question on the subject responded without too many chinks: “We have defined certain common rules on bank resolution and on their recapitalization, we can not change everything every two years. ” After the meeting of 27 heads of State and Government of the EU he responded to reporters: “The current basis of recapitalization and resolution” banks “provide opportunities to meet the needs of member states”. As if to say that there is no need to go to create more space.

The Italian plan. In fact, as a result of stock market crashes of the two post-Brexit sessions overwhelmed especially the system of Italian credit, they are back in vogue plans of Rome to try to resolve once and for all the banks’ balance sheet problems, which primarily refer to the amount of loans they have in the belly. Yesterday the Premier Renzi had stressed that the government is “ready to do whatever it takes, if it will help to ensure the security of savers and” Mario Draghi and even citizens had taken note of the fact that you have to solve these problems permanently. By the EU, the Commission Vice-President Valdis Dombrovskis confirmed the ongoing dialogue with Rome on the theme, but today has curbed the member of the ECB directory, Benoit Coeuré , for which “if the rules on bail-in are held over, then it is truly the market union end as we know it. “

the proposed framework provides a window of six months to derogate from the rules on bail-in and be able to be secured the system with public money. The news circulated stated in a forty billion the value of possible action, which could result in practice in several ways. This should be the pivot of the intervention CDP, which could recapitalize banks directly giving the guarantee to underwrite the unexercised capital increases from the market. Another way could instead operate directly on the problem of suffering, by activating a kind of new fund that will invest in Atlas tranche of loans past due less guaranteed to buy them at cost price and take them out from the banks that they should not write in books heavy writedowns.

the location of Renzi. “We have a great ability to adhere to the rules and we will continue to do so.” So the prime minister has blunted criticism during the post EU summit press conference, after Merkel stressed the importance of respecting the rules on bank bailout. “The banking issue is not on the agenda and does not see requests for rules changes. In the current situation if there were problems we would be in ‘as things stand’ conditions to protect the money of depositors and citizens. There is no risk for the money of the taxpayer and citizen. point. There are tools to achieve this goal by the rules. the rest are discussions among the experts. We – he added – we want to change the political rules of the game in ue, not banking regulations, we want to talk about child care, culture and innovation, and not only of bureaucrats and financiers. “

Topics:

Italian banks

banks

bail-in

Starring:

Angela Merkel

Banks, Merkel freezes Renzi: “We have already granted flexibility to Italy. We can not discuss the rules” – The Daily

Angela Merkel closes the doors on Matteo Renzi and to his request for exceptions with European rules on banks, disproving the assertions few hours before the President of the European Commission Jean Claude Juncker . “We can not re-discuss every two years the rules of the banking sector ,” said the German Chancellor. The Italian government in recent days has tried to test the waters on the possibility of a suspension of bail in , the legislation came into force on 1 January this year, according to which to take on the save of institutions in difficulty must be shareholders , subordinated bondholders and account holders with more than 100 thousand euro on the account. The rationale of the Directive is to avoid repercussions on the public purse and, consequently, on the pockets of all taxpayers. After the victory of the Brexit However, the vulnerability of Italian institutions ballasted 200 billion Gross impaired loans has been felt: Friday 24 and Monday 27 suffered heavy loss at the Milan Stock. And according to the Palazzo Chigi in bail it helps reduce savers’ confidence in the system. So, according to what has emerged, he has tried to get a green light to the injection of public aid or use, if necessary, the other for tools strengthening the capital of banks and help them unburden the suffering. An exemption justified by the situation of extraordinary stress caused by the output of the United Kingdom by the EU.
                 

              

From the chancellor arrived now a definite no. “I believe that a certain Flexibility has been granted to certain countries to promote growth. Looking especially at ‘ Italy , I can say that we have adopted different solutions, but we can not renegotiate every two years the rules of the banking sector “, because at EU level” we just worked to have rules on recapitalization. ” The current framework of the ‘ banking union , Merkel stressed, “offers the opportunity to address the requirements of each member state.” The forum ECB Sintra gave manforte Benoit Coeuré , Member of the Executive Committee of the Eurotower: “If the rules on bail-ins are held over, then it is really the end of ‘ banking union (now in force but without the pillar of the only guarantee on deposits, ed ) as we know it. ” And again: “The bail-in and the directive on bank resolution are part of a broader package of measures to improve the oversight, to identify the right incentives and a safer banking system.”

Renzi corner steps back: “Never asked to change the rules” – in the face of these closures the Italian Prime Minister has done what looks like a step back “we have never asked to change the rules,” he said after a meeting of the 27 EU leaders (for the first time without David Cameron ) in Brussels, remembering that instead “the rules have been changed the last time in 2003 to enable France and especially Germany to exceed the 3%”. On the banking front, “as you know we have lost the opportunity to intervene in a structural way, as did Germany, which put 247 billion of euro to save its banks. Italy did not do it, because who was going to the government, presidents Berlusconi , Monti and Letta that respect, when you could do no they did it. ” When the government Renzi, “did Cleaning ,” the premier said. “We put in a security system with the reform of cooperative banks , that had it been made 25 years ago there would have been what’s been in the northeast (the reference is to the failure of Pop Vicenza and Veneto Banca , whose shareholders have lost almost all the money invested, ed ) “. At the corner, along with Renzi, but there is also Juncker, who on Tuesday evening after the first day of the summit between EU leaders had reported that he had “discussed the issue with banks Matteo Renzi” and promised: “The Commission will do everything to avoid any kind of bank run “, while making clear that” for the moment there is no danger. ” “We must ensure in Italy and elsewhere that the banking system, given the situation of discomfort , either protected as well as possible,” he added.

Visco: “we will use all the instruments” – the repartee comes the day after the solemn “we are ready to do everything you need to ensure the safety of savers and public “Renzi and the wish of a number of the European central Bank Mario Draghi that you” do something ” for “ vulnerabilities of the banks”. The governor of the Bank of Italy Ignazio Visco , from the ECB forum in Sintra, he repeated: “We will use all tools available to support the banking system,” because “the Brexit is a shock very strong and you have to be careful that it does not become a systemic crisis through the fluctuations of the financial markets. The volatility is greatly increased and there are risks of Contagion . “

The hypotheses on the table: the suspension of bail in the Padoan bond – According to the findings in the last hours, a plane defined there and on the table there are several hypotheses. All require a derogation from the European laws now in force, with the justification that the Brexit has created a situation of great stress for the system. One of the demands of Rome regards the suspension of the legislation on the bail in , the one according to which the Save of the institutes, in a crisis, to be paid by shareholders and bondholders and not fall back on the public purse. It therefore asks, in essence, the green light to Public aid to distressed institutions, in the form of an “input time” of a shareholder State. Another way might be to use similar tools to Tremonti bonds put in place in 2009 for the Monte dei Paschi di Siena : convertible bonds issued by banks and subscribed by the Treasury – receiving in exchange an interest – and then be reimbursed. Someone has already dubbed them “Padoan bond”. We then speak of underwriting headed for the capital increases from loans Cash deposits with the role of guarantor of last resort.

Baretta: “In a structure guarantees also serve public resources “ -” the Brexit and its consequences have a European theme. We do not think that the rest of Europe is in place and Italy have a specific problem, “he said Wednesday in an interview with Corriere della Sera Economy Undersecretary Pier Paolo Baretta . “The crux of the sufferings of the Italian banks had emerged before the Brexit”. But now “the goal is to define a common framework to serve as a framework for specific interventions allowing, through an interpretation of the law, being as much as possible within the rules, the avoid crises or failures of some pieces the European banking sector, and therefore the risk of a systemic crisis , “he continued. “The treaties and the directives on banks contemplate extraordinary measures in difficult situations. As for the Flexibility on public budgets, there are edge of interpretation “. “If we see the problem from the side of banks prevails logic Atlas (a fund financed by banks that became owner of Veneto Banca and Popolare di Vicenza and should also intervene in the disposal of bad debts, ed ), market. But we as a government we must also consider the protect savings and savers. And manage a structure of guarantee also of public resources is a

The green light to the decree banks with automatic reimbursement for part of the defrauded bondholders – Just Wednesday, the Chamber has given the final green light with 287 yes and 173 no to decree that regulates the refunds standard 80% for more than half of subordinated bondholders of Bank, Banca Etruria, Carife and CariChieti who have seen their savings to zero following the decree saves banks last November. The others will have to resort to arbitrations . Renzi, from Brussels, argued that the resolution of the four istitutu “allowed to Save account holders and only a fairly shameful political propaganda may say the opposite: we are the government that has sent home the BoD . If we need to take action on some managers, I hope will be done with maximum clarity and rigor. ” No comments on the controversies that have affected the chairman of Consob Giuseppe Vegas for the elimination of the probability scenarios from prospects of subordinated notes: “Consob there and I respect it. The government respects the independent authority “, he merely said Renzi.

The decree banks also attempts to move more quickly in the disposal of non-performing loans of banks by changing the rules bankruptcy and introducing new institutions such as the long march and the non-possessory lien. In addition provides for the return to the Treasury of the shares of SGA , the Intesa SanPaolo created in 1997 to save the Bank of Naples and now it may be used under the Fund Atlas or to create a second fund Atlas. And then the expansion of operations of the bank Solidarity Fund for conversion and upgrading Professional of banking personnel and measures for the conversion of deferred tax assets in tax credits.

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Banks and flexibility, Merkel freezes Italy: you can not change the rules every two years – The Messenger

Angela Merkel freezes Italy on new spaces in a flexible policies, particularly for the banking sector : “I believe that some flexibility has been granted to certain countries to promote growth. Looking especially to Italy, I can say that we have adopted different solutions, but we can not renegotiate every two years the banking industry rules. “

For his part, Prime Minister Renzi, ensuring that there is no risk to the money of the depositors Italian even with the tools available now, he pointed out that “no one wants to change the rules for bank rescues. The question is not on the agenda. ” And again: “Italy has the ambition to lead the path to change EU coming here to bring ideas and proposals, not asking for exceptions, because there are spaces in the rules to do all that is needed in our country” .

“None of us wants to change the rules. The rules have been changed the last time in 2003 to enable France and especially Germany to exceed the 3% ceiling. Then the Italian government, led by Silvio Berlusconi, agreed to change the rules to do a favor for France and Germany “, he has again emphasized the Prime Minister at a press conference following the European Council in Brussels, the German chancellor, according to which you can not renegotiate every two years, the EU rules concerning the banking sector.

“This happened in the past – added Renzi – but it has not happened, because we have a great ability to comply with the rules and we continue to do so. The banking issue is not on the agenda, because it does not see in requests for rules changes. As you know we have lost the opportunity to intervene in a structural way, as did Germany, which has put the 247 billion euro to rescue its banks. Italy did not do it, because who was going to the government, the presidents Berlusconi, Monti and Letta that respect, when you could do no have done. “

” No use crying over spilled milk. What we are absolutely certain is that, if there were any problems, we would be in a position, as things stand, to protect the money of depositors and citizens, “he still said the prime minister.

” We we put the system (bank, ed) in security, we did cleaning, we made the operation banks, which is to avoid the scandals, I hope that the actions of responsibility you do, “he explained at the press conference. “If there had been upstream a bad bank would be better, but you chose not to do it and we have used the solutions that were possible,” he said Renzi, explaining that “this government has rescued depositors and citizens’, and both now “in a position to assure citizens that their money is safe.”

“as is known – said the prime minister – we have lost the opportunity to intervene in a structural way as did Germany around in 2010-2011, when he put 247 billion of euro to save banks. Italy did not do so because he who was the Government has decided not to do it, it is no use crying over spilled milk. ” Especially since “we can not do that now that the rules are different.” The Prime Minister was keen to reassure: “My message is: there is no risk to the taxpayer’s money, the citizen. The tools are there to protect. “

 

Italian banks, Angela Merkel uses the carrot and the stick – The Huffington Post

End of the European Council. Merkel speaks to reporters. Shortly after the President of the Council is located in front of reporters. He tries to defuse the controversy with a joke: “I smile because someone says Renzi thinks the banks. They are forced to do so, everything was going for less than lenders, banks know for my mortgage.” Never before has the bitter aftertaste of a motorcycle reveals the spirit of how the center of the post-Brexit threads there are banks. Especially Italian ones.

Angela Merkel has apparently slammed the door on to the Palazzo Chigi aspirations in the review of the bail-in rules. But in reality the Italian negotiation proceeds in Europe, even if uphill and in short steps, but with a goal: to have the possibility, in case of “real emergency”, to intervene to also state time with tools. Which can range from the recapitalization fund Atlante thanks to pension funds resources, insurance and a larger proportion of CDP (something like 5 billion) to deal with non-performing loans of banks, the hypothesis of ‘Padoan bond’ or a remake bond Monti used to MPS, up to the expectation of a role of CDP (perhaps with Treasury resources) in the recapitalization of any banks in crisis.

According reveals a government source, to worry more, especially in these turbulent days post-Brexit, is the situation of Monte dei Paschi di Siena. That already in the black Friday after the British referendum had touched a historic low of 0.39 euro, closing at -16.45% and today it closed at -2.87% by upgrading to new historic lows 0.3887 euro. The performance of the stock exchange did not help, either to other banking stocks (see Bper -5.45%, -5.23% Ubi, BPM -3.38%, Banco Popolare -3.24%) the words of Chancellor Angela Merkel has “frozen” Matteo Renzi said: “We have worked to give us common rules on resolution and recapitalization of banks, and we can not change the rules every two years.” It is no coincidence that, in the face of European equity indexes in recovery and on the maximum in mid-session, Milan has held with bank immediately after the release of a Bloomberg news that anticipated the no Germany any attempt to protect investors an Italian bank recapitalization plan.

At the moment, we think a government source, there is an imminent danger to Italian banks, as has been saying even Prime Minister Matteo Renzi. But the executive, and, primarily, the technical panel set up under the direction of Palazzo Chigi, involving Ministry of Economy and Economic Development, along with the Bank of Italy, and CDP, constantly monitors the market and is ready to intervene in case of need.

And that’s why, despite the niet arrived from Merkel on a review ‘flexible’ bail-in rules on state aid, and the call and response that is achieved with Matteo Renzi, the negotiations between Italy and the EU goes ahead. The hypotheses on the table are different: one speaks for example of hybrid recapitalization tools with public intervention, public guarantees on bank bonds, with interventions ‘equity’ of financial vehicles and the ‘non-performing loan management funds’. It is in particular on two points: easing of the rules of the so-called Brrd and bail-in in exceptional cases to allow government intervention in the rescue of the banks and the recapitalization of the fund Atlas, perhaps with a larger share of CDP.

What Merkel is referring strictly to the current rules of the ‘bail-in’, and with European rules on state aid when he says that should not be revised rules every two years, does not close the game. It appears that his words were referring mostly to an unwillingness to appeal by Italy or other countries, Article 108 of the EU Treaty allows the Council, at the request of a Member State, decide to ‘ unanimity that a state aid is compatible with the internal market in derogation from the rules “if exceptional circumstances justify it.” However, the possibility remains, and this would stand to Italian negotiations, to leverage on two provisions of the bail-in that already allow derogations. Article 44 of the European Directive on the resolution, in fact, indicates that “in exceptional circumstances, a resolution authority may exclude all or part of certain liabilities from the write-down or conversion powers”. And Article 32 leaves the door open to government guarantees to support the liquidity facilities provided by central banks, government guarantees on newly issued liabilities or an injection of own resources, or the purchase of equity instruments at terms and conditions “that does not confer an advantage.” Exemptions for which, in fact, need the ok from the Union, a ok “quote” that Italy is trying to cash in so that if you were to present an emergency situation, to intervene being sure not to run into a sharp slowdown from Brussels.

The second line of negotiations, that the Fund Atlante 2, the same Renzi said today: “The fund Atlas has given very valuable feedback and is in condition to be further capitalized.” As is explained , negotiation with Europe mainly concern the role of Cassa Depositi e prestiti, which currently participates in Atlas with half a billion. by agreeing with Europe, so that there are no state aid issues, one could assume a Fund Atlas 2 with a massive presence of CDP and help from insurance and pension funds. Although, thinks a government source, you should see how to use resources, those of the CDP, which still derive from postal savings. one hypothesis could be recapitalize CDP with Treasury funds for this operation. But, for this reason, would need a European passport.

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The markets are betting on the support of the governors. Germany: stop to Italian plans for banks – The Republic

MILAN – 15:30. The markets, emerging from a technical rebound after two days of post-referendum panic on Brexit, continue to bet on upcoming support by monetary authorities and European shares treat positively: Milan halls 1 , 9%, after gaining 3.3% the day before. Well the other of the Old Continent Bags: London halls of 2.2%, Paris 2.4% and Frankfurt advances by 1 , 7%. Positive start for Wall Street: the Dow Jones rises by 0.9%, the Nasdaq 1%.

Square Business the lights are focused on the credit industry , the true barometer of confidence in the Italian economy. Yesterday, at the end of the first day of the European Council’s work which also debated the closure Brexit (today), the Commission President Jean Claude Juncker has explicitly talked about the fact that Italy does not run the risk of a bank run: “We talked about banks this afternoon with Renzi – confirmed – and the risk to be avoided is that of a bank run. But for now this is not a danger to Italy.” Mario Draghi also pushed for “solving the problems of the banks.” The government works in contact with Brussels to make a possible derogation from the window to the Regulation on the bail-in (the involvement of investors in the rescue of the banks, experienced in Italy with the four institutes saved at the end of 2015) to intervene with the public stand in support of bank balance sheets, or through direct capital injections or – more likely – by strengthening the intervention of Atlas in solving the problem of suffering. A worry the markets, however, there is the German closing any possibility of government intervention: as reported by Bloomberg citing a source close to Berlin, the Credit Directive which includes bail-in can not be amended. By return, the same chancellor Angela Merkel said: “I believe that some flexibility in certain countries to promote growth has been granted. Looking especially to Italy, I can say that we have adopted different solutions, but we can not renegotiate every two years the banking industry rules. ” Words that have frozen some titles, with Ubi and UnipolSai suspended in the volatility auction. Keep an eye on Snam which approved its business plan.
in Asia has staged the biggest rise last week, with the index MSCI Asia Pacific (basket that summarizes the trend in Europe Bags) capable to recover nearly half of the losses suffered after the outcome of the British vote. On the other hand, the Japanese governor Haruhiko Kuroda was put on line and Mario Draghi said that he was ready to inject new resources into the system, if that were necessary, and the markets now indicate 2018 as the most likely date for the next rate hike by the Fed. Until a few weeks ago, he discussed whether the monetary tightening could come in June or July. According to the manager James Woods, “although central bankers are reassuring investors and are ready to support markets, it may be premature to change the general approach and become suddenly optimistic.” Agency Bloomberg says: “Probably we will continue to see a very pronounced volatility. We have to wait to see how it will develop the political situation in the UK” after Brexit.

Sterling , able yesterday to make some positions, holds the positions: the British currency is indicated in the Asian markets at $ 1.3399 compared to $ 1.3340 yesterday, and at least 31 years (1, 3121) touched in the days following the referendum. Shortly also moved the ‘ € , which is trading at $ 1.1085 (1.1065 the yesterday’s closing) and to 113.8 yen (from 113.71 yen). Meanwhile, continues to go down the spread between Bund and BTP, which benefits the action of the ECB and narrows below 150 basis points. The yield on Italian ten-year fell all’1,361%, below the levels of June 23 (the day of the referendum and on the eve of the news Brexit).

The macroeconomic surveys are opposed. In Germany , for example, has risen more than expected the consumer confidence for July: according to data measured by the Gfk index rose to 10.1 points from 9 , June 8, against expectations for a stable datum. Consumers see the economy “in good shape”, but the survey does not still suffering the blow of the British referendum (the agenda of the markets). The European index which measures consumer expectations (BCI) indicates a slight decrease of 0.04 points for the area with the single currency, reaching +0.22 share. The other indicator of the Commission, what Esi which measures the confidence of business and consumers in the economy, declined slightly by 0.2 points to 104.4, taking share in the euro area and in the EU is slightly improved by 0.1 point share 105.7. Male Italy’s performance, worse than other big countries. Again in Germany, inflation in June rose by 0.1% on May bringing the annual figure to 0.3%, but the expectations were for a 0.2% more growth on the month and 0.4% over-year. In the US, the PCE inflation in May reported a + 0.9% annual, under the Fed’s target. In May, American consumers spent more freely with a 0.4% increase in spending compared with a +0 , 2% of personal income.

in the morning, positive close to Tokyo Stock Exchange in the wake of expectations of economic support measures: the Nikkei-225 index finished the sitting rising 1.59% to 15,566 points. The oil engages the positive phase and is rising on international markets, for the second consecutive session. Crude WTI gains 0.79% to $ 48.23 a barrel. Also rose Brent has appreciated by 0.68% to $ 48.91 a barrel. They are expected this afternoon US stocks, with the consensus set for a decline of 2 million barrels. Although it has thus loosened the tension, even a safe haven as the ‘ Gold is growing (and this emphasizes that the situation is far from resolved): the precious metal earns 0 in the morning, 6% in the $ 1,320 area.

Stock exchange, banks and Telecom leading the rebound back again today – FIRSTonline

It consolidates the rise of European stock exchanges. Leading the pack is still the Milan Stock Exchange: the FtseMib + 2.52% index went close again the 16 thousand points to a neck from Paris + 2.75% + 2.6% and Madrid but ahead of London +2 , 44%, Frankfurt +1.89%.

He continued recovery of the pound against the dollar to 1,341 (+ 0.5%). The euro / dollar is stable at 1,106. Advancing oil with Brent back above $ 49 per barrel (+ 1.1%) and WTI $ 48.5 (+ 1.3%). The rise pushes the securities industry: Eni + 2.1%, + 2% Saipem, Tenaris was up 3.6%.

Despite the signs of détente in the international arena, the traditional demand remains strong ” safe harbors “for the investment of capital: gold rises to $ 1,321 per ounce (+ 0.7%).

The yield of the ten-year Bund remains close to historical low at -0.11%. Retrieve our BTP with the performance that goes down to 1.36%, from 1.40% yesterday. The biggest gains relate to the banks, the sector that has suffered the most in the two days of tremendous decline that followed the referendum in Britain. The European salt industry index by 2.7%.

Unicredit is up 4% to 1.97 euro, modest rebound after three consecutive days of strong decline (-31%). Tomorrow, 40 days after the resignation announced by CEO Federico Ghizzoni could be some news on the substitute selection process: meets in the day the nominations committee. An agreement on the name of the members of the committee, would pave the way for the appointment by the Board on 11 July.

This is highlighted even Mediobanca + 5.2%, Banco Popolare + 4.6% and + 3.6% Pop.Milano. The Euro Stoxx Insurance index rises 2.4% today. Also advances General + 3.8%. The CEO Philippe Donnet has acquired 200,000 shares of the company for a total of 2.233 million euro between 24 and 27 June. Stands out among the numerous day hikes the rally of Telecom Italy + 4.7% in the wake of the rise of the whole telecoms sector in Europe (Stoxx + 2.5%).

Great interest in Snam + 2.8%. The company has approved the separation of Italgas controlled through the partial and proportional demerger. Italgas, a company that deals with the secondary distribution of gas, will be listed on the Milan by the end of 2016. Shareholders Snam will be assigned an action of the new company Snam Italgas every five shares held. When finished, presumably by 31 December 2016, Snam will retain a stake of 13.5%, compared to the 100% held today, CDP Networks will have 25,08% and CDP Gas 0.97%. Enel also positive that rises by 2%, Terna and A2A + 1.2% + 1.9%.
               

Snam Board approves the separation of the gas distribution business – La Stampa

          

The Snam Board of Directors, which met yesterday under the chairmanship of Carlo Malacarne, approved the separation of Italgas to Snam be executed through a single transaction and the context which includes, among other things , the partial and proportional demerger and subsequent listing on the Electronic Stock market (MTA) of Milan for a new beneficiary company of the spin-off with the role of holding the stake in Italgas. “In a constantly changing market, the city gas distribution is now an activity with characteristics and needs other than those of transport, storage and LNG. The separation from Snam Italgas will significantly enhance the role of both companies in their business: Snam will consolidate its leadership by helping to further integrate the gas markets in Europe and Italgas will seize the best opportunities for development related to new calls for tenders, “said CEO Snam, Marco Alvera. Through the operation of industrial and corporate reorganization, the entire stake currently held by Snam Italgas, equal to 100% of Italgas share capital, will be transferred to the recipient company in order to separate the distribution of gas in Italy – It has its own specificity with respect to the other activities of the Group in terms of operational organization, competitive environment, regulation and investment needs – those of transport and dispatching, LNG and storage activities in Italy and abroad. The operation, unitary and substantially contextual, as a whole is split:? the contribution in kind by Snam to the company receiving a stake of 8.23% of the share capital of Italgas to Snam against the assignment of n. 108,957,843 newly issued shares of the recipient company in order to allow Snam to hold, after the split, a stake of 13.50% in the aforementioned company; ? the sale by Snam to the company receiving the n. 98,054,833 Italgas shares, representing 38.87% of Italgas share capital, for a price of € 1,503 million, the payment of which will be the subject of a vendor loan from the recipient companies, so as to generate an appropriate level of financial debt, taking into account the business profile, risk and generation of cash flow; ? the partial and proportional demerger of Snam assignment with the company receiving a stake of 52,90% held by Snam Italgas with consequent allocation to the shareholders of Snam of the remaining 86.50% of the capital of the recipient company. Following these operations, Snam will hold a stake of 13.50% of the capital of the recipient company. As a result of the demerger, the shareholders of Snam will be allocated shares of the beneficiary company in proportion to those already held in Snam to the effective date of the demerger. The allotment will be an action of the recipient company Snam every five shares held. This exchange ratio of the shares may determine for individuals shareholders the right to the award of a number of new shares is not full. In order to facilitate the operations of quadrature Snam instruct an intermediary to perform the trading activity of the fractions of the beneficiary company’s shares, by means of all depository intermediaries participating in Monte Titoli SpA, to the extent necessary to enable the shareholders to hold a whole number of shares. The beneficiary company will be listed separately on the MTA (MTA) in Milan and will operate separately as an independent company with its own management and Board of Directors. The effectiveness of the operation is therefore dependent, in addition to the conditions of the law including in particular the Assembly’s vote in favor of the shareholders of Snam: – the issue of the Italian stock exchange admission decision of the beneficiary company’s shares to trading on the MTA, – the release of the part of CONSOB of equivalence, and – approval of Snam bondholders. The operation schedule provides that, to the realization of these conditions, the split will take effect, presumably, by 31 December 2016. For the spin-off, the net assets of Snam will be proportionally reduced by the amount of 1,569,211,964.76 euros1, by allocation of the amount to 961,181,518.44 Euros as a reduction of the share capital and € 608,030,446.32 deducted from reserves. Given that the shares of Snam are no indication of nominal value, the aforementioned reduction of the share capital does not give rise to any cancellation of shares. Conversely, the net assets of the beneficiary company will increase by EUR 1,569,211,964.76, through allocation to share capital of EUR 961,181,518.44, which therefore will increase from 40.05 million euro to 1,001,231,518.44 Euros, with ‘ the issue of no. 700,127,659 new shares, with regular dividend, and reserves totaling EUR 608,030,446.32. From the split will not be born of withdrawal rights of shareholders, in consideration of the listing of the beneficiary company’s actions within the effective date of the demerger. As envisaged in the memorandum of understanding concluded between Snam, CDP and CDP Gas Networks, the operation as a whole also requires that Snam, CDP CDP Gas Networks and sign a shareholders’ agreement covering the investments held in the beneficiary company, accounting the 13,50% to 25,08% and 0.97%, in order to ensure a stable and transparent ownership structure of the recipient company of the operation. In particular, the memorandum is aimed at regulating the main terms for the realization of the operation and general governance rules, then apply to the receiving company and Italgas. The operation and the Memorandum of Understanding were referred to the Control and Risk Committee and Related Party Transactions of Snam in the procedure for governing transactions with related parties adopted by Snam November 30, 2010 in accordance with CONSOB Regulation . On 28 June 2016, the Control and Risk Committee and Related Party Transactions of Snam issued its reasoned opinion unanimously favorable about the interest of Snam to proceed with the transaction and the convenience and substantial correctness of the relative conditions. The demerger plan, the explanatory report and the relevant information will be published, pursuant to the terms of applicable laws and regulations, on the company’s website (www.snam.it) and deposited and made available in the legislative timeframe applicable at the storage mechanism authorized named “NIS-storage” run by Bit Market Services SpA (Www.emarketstorage.com), as well as at the registered office of Snam in Piazza Santa Barbara 7, San Donato Milanese (MI). The content of the document to be published before the shareholders’ meeting that will approve the spin-off complies with the content within the scheme n. 2 Annex 3B of the Issuers’ Regulation and Annex 4 of the CONSOB Regulation adopted with resolution no. 17221 of 12 March 2010. The Board of Directors has called for on 1 August 2016 the extraordinary and ordinary shareholders’ meeting to approve the transaction, respectively, and the change in share capital resulting from the splitting and to ask the authorization to buy of treasury shares up to a maximum of shares not exceeding 3.5% of the share capital of Snam. Please note that the treasury shares already held at the date of this release totaled 1,127,250, representing 0.03% of the share capital of Snam. The authorization for the purchase of treasury shares is requested for a period of 18 months from the effective date of the partial and proportional demerger of the company, subject to approval by the extraordinary shareholders’ meeting convened on August 1, 2016. The Explanatory report of the Board of Directors Shareholders’ Meeting, under art. 73 of the Issuers Regulation, will indicate the criteria for determining the purchase price of the treasury shares. The purchases will be made in accordance with the provisions in Article 132 of the TUF, art. 144-bis of the Issuers’ Regulations and other applicable legislation, including, where applicable, the market practices recognized by Consob. It is also specified that the purchases will be implemented by the Board of Directors or the entities commissioned by it in compliance with the provisions of Article 2357, first paragraph, of the Civil Code, namely in the distributable income regularly assessed and the available reserves recently approved financial statements. Notice of Ordinary and Extraordinary Shareholders meeting of the company and the Explanatory Report of the Board of Directors Shareholders’ Meeting, under art. 73 of the Issuers Regulation, will be made available to the public with the timelines provided by law. The Board of Directors also resolved to convene a meeting of Bondholders to request authorization the transaction giving mandate to the CEO to fix the day. The Board of Directors also confirmed Georgeson as the entity designated by the Company pursuant to art. 135-j of the CFA when shareholders and bondholders can confer, with no burden on them, the delegation for participation in the meeting. Goldman Sachs has acted as financial advisor in the transaction; Cleary Gottlieb Steen & amp; Hamilton and Orrick, Herrington & amp; Sutcliffe acted as legal advisor.

(RV)

Snam celebrates on the stock exchange floor and spin-off – Il Sole 24 Ore

Snam Shopping on the day of the presentation of the business plan for 2020 and the announcement of the separation by Italgas. In Milan the Snam Rete Gas after an initial jump of 5% recorded a solid rise on a day still positive for all the energy and oil sector. The board of directors of Snam approved the spin-off of Italgas that provides for the listing of the new company by the end of year, the allocation of 1 share of the new company for every 5 shares held Snam. Snam will retain a 13.5% interest and will be proposed a share buyback program of a maximum of 3.5% of the company post-demerger capital. Which according to Intermonte, it is an additional option to optimize the financial structure.

Snam, ready the spin-off of Italgas

According to analysts ICBPI, the Italgas separation (which will deal with the town gas distribution) by Snam (which will continue to be active in the transport, storage and LNG) will harness both Snam, which will consolidate its leadership and its further integration goal network & Web of the European gas markets, both Italgas that can seize the best opportunities for development related to new calls for tenders. Mediobanca Securities analysts point out that the spin off of Italgas, with the transfer of part of the debt by Snam Italgas, could free up about 200 basis points of potential in terms of debt / total assets. This potential leverage more could be used to support the current dividend policy or it could be used for the company’s strategy of expanding abroad. It goes without saying that the consolidation of the two, both controlled by CDP), the largest gas company in Italy (Italgas and the second Rete Gas, could result in considerable synergies, providing further evidence for the ongoing restructuring of the group Snam though, underscore experts, this step is not foreseen in the business plan.

as for its business plan, it continues its stated strategic outline. They were reformulated investments to 4.3 billion Euros in Italy in the transport and storage (for Snam). And ‘it is foreseen the completion of the reverse flow project and South Corridor connecting Europe through the Italian network. Rab is expected an increase of 1% per year over the plan, higher than the market consensus. Analysts of several banks business positively emphasize the indication dividend Snam 2016 post-spin-off to EUR 0.21, which represents around 80% of the estimated dividend of 025 to 0.26 for previously planned action. Positive also an indication of an expected increase of 2.5% of annual dividends in 2017 and 2018.

(Il Sole 24 Ore Thomson Plus)

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Brexit, the bouncing bags after burning 4 trillion – The Republic

MILAN – The pound raises – timidly – the head and the markets feel the rebound after the collapse began on Friday morning with the verdict of the British referendum that determined the Brexit victory and the start of the procedures for ‘ output of Britain: since then the global stock exchanges sacrificed almost four billion dollars. Milan , the most affected in these days of strong sales, driving the recovery today with a + 3.5%, driven by banks that in recent sessions have lost nearly a third of the value. The government is working on possible support measures for the industry and the EU Commission Vice-President, Valdis Dombrovskis, confirmed: “We are monitoring the situation closely and we are in close contact with the Italian authorities about possible steps” coupled, even if “there are different ways of possible actions that are still under discussion and for that I can not add details at this time.” well the other Bags: London rose by 2.4%, Paris 2.5% and Frankfurt 2%.

In short, to dominate in the operating rooms is always the great uncertainty about the future of economic relations between London and Brussels with great fear it brings. After the panic, though, the experts look to the replies of the institutions that have been set in motion to minimize the economic damage. In Sintra, in Portgallo, is underway the annual symposium of the European Central Bank , from which the governor Mario Draghi called for an alignment of monetary policies to support the fight against inflation low. Arrived last night in Portugal, the ECB president said he was “disappointed” with the outcome of the referendum after repeating that the ” Eurotower is capable of anything “to prevent new speculative attacks on the euro.

Frankfurt action is evident in the bond market and the government bond: despite enormous pressure movements are minimal. Today the spread between BTP and Bund area is 155 basis points, with Italian titles that make the 1.45% just over the rate recorded on the eve of the British referendum. Continues, however, the race to the bottom of the German Bund, elected new safe haven along with gold and the dollar. The Treasury has meanwhile placed all 6 billion of six-month Bot today at auction, in the face of questions to 9.468 billion euro. The yield, however, rose to 0.150% -0.262% from last month.

Investors, now, expect new expansionary measures by the central banks: according to the Fed funds futures – used to predict moves by the Federal Reserve – is only 9% chance that Janet Yellen increases the cost of money before next year, while according to another 20% rates could even go down. Before Brexit the chances of a cut was zero and the rise within the year was given to 52%. Certainly the attention of the markets will be focused in Brussels, where the agenda is the European Council for the first time, in fact, the Heads of State and Government will see the prime minister resigning of malicious David Cameron. Pending discussions between leaders, the EU President Jean Claude Juncker, has made it clear that awaits the official position of London and only then start the formal negotiations.

After the race the last days, the ‘ gold is down and yields 0.6% to $ 1,316.32 after having risen by 5.4%: the highest rise since January 2009. As said, the Brexit effect is still felt in the market for changes. L ‘ € is quora above $ 1.10, but the pound goes after new low for 31 years. The European currency rose to $ 1.107 and 113 yen, while the English one is at 1.3328 after touching 1.3121.

From a macroeconomic point of view is slightly down in June household confidence French. The indicator that the measure, announced today the Insee institute, fell to 97 points below the long-term average of 100 points. It has affected the result of a renewed wave of pessimism on the standard of living expected by families across the Alps. Even in Italy there is the loss of enamel expectations for consumers and businesses, waiting for the like as also coming from the US where you look at the final reading of the first quarter GDP and the index of house prices.

in the morning, the Tokyo Stock Exchange closed shortly move: the Nikkei index advancing 0.09% to 15,323.14 points, while the Wall Street last night opened the week again under pressure: the Dow Jones has sold its 1.5% to 17,140 points and the Standard & amp; Poor’s 500 index 1.81% at 2000, ending both its lowest level since mid-March, while the Nasdaq slipped 2.41% to 4,594, the lowest level since late February. The oil is on the rise this morning on the international markets in view of a likely drop in US stocks (the official figure will be released tomorrow). After the fall of 7.5% charged in the past two days, the WTI crude oil today earns 1.8% to $ 47.18 a barrel. Brent also rose which appreciated by 1.6% to $ 47.93 per barrel.