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
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