MILAN – Restore confidence in the Italian banking system through the European solidarity. The French Finance Minister, Michel Sapin , arriving in Brussels for the Eurogroup, opens to the flexibility required by the Italian Government explained that the rules on the public strengthening of institutions and the involvement of private investors by absorbing their losses “must be applied intelligently. Today it is a concern for the Italian government to take the necessary measures to restore confidence throughout the Italian banking system. I think it is our duty to show solidarity.”
However, at European level, some say a softening of the Directive on bail in Italian to support troubled banks “would be” or “counter-productive” boomerang, as some sources. Both the Sherpas in Brussels that the Italian Finance Minister, Pier Carlo Padoan , specify that Italian banks are not the subject of today’s Eurogroup and ECOFIN tomorrow: “The Italian government is working to prepare, and some already have done so, precautionary instruments which, as the word suggests, will only be used if needed, “recalls Padoan who calls himself” very surprised “attention to the issue of the newspapers. The minister returned to reassure Italians: “The savers will be safeguarded by the government.” A reference to the most delicate point of the reinforcement design of banks, namely the possible involvement in the losses of subordinated bondholders: securities issued targati Mps are about 5 billion, of which about 3 pocket to the general public, while 2 to institutional investors. The government seems determined to take out of the purge savers, while the network of “private” bailout could end up the most experienced investors.
Line shared by the president of the Eurogroup, Jeroen Dijsselbloem , for which “the rules are clear on where we are on bail in, how should be done and in what order “intenvengono those called to take charge:” The solutions can be found but it should be done within the rules. ” For Dijsselbloem, in any case, that of non-performing loans in the Italian banking “is not an acute crisis and we still have some time.” On the same wavelength as the German Finance Minister, Wolfgang Schaeuble , that “we should not speculate before the results of the European Banking Authority stress tests that will be announced July 29. We know what the rules for managing the banks’ difficulties and this is the most important thing. ” Adds the vice president of the European Commission, Valdis Dombrovskis : “We are working constructively with the Italian authorities: there are different ways in which these problems can be addressed if there are liquidity emergencies, in compliance with European rules, without damaging financial stability and retail investors. “
While not on the agenda in size to 19 Eurogroup meeting today, which will be followed tomorrow Ecofin widened, the theme of the banks is so very present in the discussion at the highest financial levels of the Old continent. On the Stock Exchange today, the entire sector: trying to recover after the recent sales: MPS does so with conviction, as they climb into the swing Ubi, Unicredit, Banco Popolare, BPM and Intesa Sanpaolo.
The problem- banks, moreover, is extended beyond the borders of the Peninsula: according to German Deutsche Bank , are all European banks in need of fresh resources and therefore the chief economist of the group, David Folkerts-Landau , suggested in an interview with Welt Am Sonntag the creation of a public fund of 150 billion euro: “Europe – he said – is extremely ill and must begin to address their problems quickly , or there may be an accident. ” The economist went on to explain to fear a new major European banking crisis, but its concerns responded again Dijsselbloem urging bankers to “solve their own problems.”
the node is complex, but the Commission has declared its willingness to find a settlement for non-institutional investors. Brussels – in fact – is caught between the desire to comply with the EU rules and the knowledge that the Italian banking affair is serious, and potentially harmful to the rest of the euro area. Therefore likely to find an agreement using the same EU rules according to which the bail-in may be suspended if it is a risk to financial stability. Sustainable argument in the case of MPS, since it is the third Italian bank.
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