from the voice of Charles Messina with the satisfaction. It could not be otherwise. By the stress tests conducted by the EBA, the European Banking Authority, Intesa Sanpaolo has emerged not only as the most solid but also one that can boast a record of no small importance in the continent: it is the institution that in the event of economic scenarios particularly adverse, with strong and prolonged recessions, reacts better than all competitors. The managing directors of the major Italian banks not only seems to be the manager’s satisfaction that certified sees the goodness of strategies and actions. And then a business model certainly changed in recent years, more oriented to asset management, in the direction of a wealth management company . Also reflected that pride to have worked for a country that in spite of the many, many, clichés “can have problems like any other nation in Europe, but it sure is not” the “problem,” he says.
“We are very proud of the result of the stress tests . We are the strongest in Europe in terms of capital strength – explains Messina -. But beware that the rest of Italy, the banking system was not watching. If we put together the “problems” that we had, the four banks in the resolution, the two Venetian, to Monte dei Paschi, while we talk about something that all together makes the 10% of the market. But it is undeniable that this was the problems addressed and, you know, places off the table. The fund Atlas was a “game changer”. In comparison with Germany the reactive capacity of our system is obvious. ”
If Italy has in fact the problem of suffering , well, these are a fraction of gross domestic product, while the derivatives that are in significant quantities into the belly of some German banks , I am a multiple of the Berlin GDP. While the other major Italian banks, such as Ubi, Banco Popolare, Unicredit out well by the stress tests. “That does not mean they can not be turmoil in the markets still Messina- explains. Indeed, I am surprised me otherwise, after six months in which it was decided to outline Italy, by some hedge fund and commentators especially foreign, as a country in the grip of severe difficulties. But I must say that they have used, wrongly, the rearview mirror. ”
For the CEO of Intesa there is a link between being “the best the most solid European banks as well as to lower terms of leverage and excess liquid resources allocations to the requirements laid down in 2018, and the Italian economic situation. We must overcome the tendency, unfortunately sometimes very obvious, to underestimate or do not grasp the strengths such as being the second country manufacturing in Europe, have a savings from triple A. We get paralyzed by weaknesses that are there but elsewhere are treated for what they are: problems which come up with solutions. “
Even these stress test if not carefully analyzed can put us off the road. We often rely on medium accounting that does not fully describe the reality. The average capital requirements of Germany are at a height of 9.6 and France 9.8. Italy is below 8% but it is reality or a blurred photograph that does not “weigh” the strength of individual banks? Intesa has a market share of 20% and is the most solid in Europe between large. If there were similar argument to Paris and Berlin would be lowered when the average ones. And much. As well as changing scenario, trying to use as a mirror, as a proxy Intesa Sanpaolo with that market share is definitely an effective index, it would come out a picture of Italy in strong movement.
“The 24 billion medium-long term credit disbursements and thus for investment, are the children of a country that is strong and recovering. We were also solid stress test of 2014, but in the latter we did a jump, the result of our choices of a new successful business model, and at the same time a context where unemployment is falling, in which real estate transactions grew by 20%, loans Last year the 100% and 60% this year. With interventions to reduce the tax burden, with the spread back between 100 and 150, Italians have begun to regain confidence. The savings is also reallocating towards consumption. Companies are coming back to the bank and resume investing. signs of a recovery, more decimal or decimal are evident in the least. ”
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July 30, 2016 (amendment July 30, 2016 | 22:16)
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