MILAN – Banks remain central to the political and financial debate, in Italy and in Europe. According to the premier Matteo Renzi is “within reach” an agreement between the Italian government and the European Commission to secure the institutes tricolor burdened by the weight of suffering, which also allows them to stay within the rules current on bank bailouts and “put away from any problem.”
the President of the Council, to talk directly with the Corriere.it , has reassured the audience: “We want that the savers and Italian account holders are safe. in my opinion – he said – the problem banks in Europe does not affect the Italian ones. the issue of credit in Europe affects many institutions. They are much more concerned about the derivatives of banks of other countries “and” is this the real problem, “he then chased by referring to the case of the German Deutsche Bank. Renzi has also explained that “in Italy we have a special situation in relation to others’ countries. And he is then returned to tease Germany, which in the recent past has intervened directly on the banks: “Maybe you had to make a presentation on banks” some years ago, as did “Merkel has put 247 billion in German banks, thinking it was a good opportunity for the economic system of his country. “
In the morning, it was the French finance minister, Michel Sapin , to open the demand for flexibility on the part of the Italian government, explaining that the rules on the public strengthening of institutions and the involvement of private investors in the absorption of their losses “must be applied intelligently. Today it is a concern for the Italian government to take the necessary measures to restore confidence in the overall 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 a boomerang “or” counter-productive “, as claimed by 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 “involved 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 a bit ‘of 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: recovers after recent sales: MPS does so with conviction, as they climb into the swing Ubi, Unicredit, Banco Popolare, BPM and Intesa Sanpaolo.
The problem-banks, for another, it is extended beyond the borders of the Peninsula: according to German Deutsche Bank , are all European banks in need of fresh resources and for this reason the group chief economist, David Folkerts-Landau, has 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 an “incident could be. 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.” Also on the Financial Times , we have questioned the fate of the banking sector and, among the actions to be taken, the City newspaper stressed the need for the institutions to lose weight: “The country has more counters that pizzerias , which makes overloaded of costs as suffering: some branches must be closed and must be cut tens of thousands of jobs
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