I do not get to step away from the nationalization of a large bank without large errors. Errors for the last 15 years are the many protagonists of the event siena: managers, shareholders, authorities, the political class. A horror story that now the Ecb requires to heal with public money and penances of the bondholders. Decision severe, how severe was the crisis around: but there’s more to it.
The last three Italian governments have the political responsibility have not wanted to nationalize the Mps, as many suggested, for scansarne the political consequences and accounting. Mario Monti in 2012 to double the lending to the public in the Mps up to 4 billion, but did not dare to the cleaning for the public hand of the bad credit (first trouble of the Mps), the rules still permit without the involvement of private investors. Enrico Letta in 2013, the bank of siena to reformulate the State aid of Mountains, which the Eu Commission in dispute: but instead of converting them into capital it yields to the demands siena to repay them, sifonando 5 billion to the market the year after. Yet followed the dossier in Brussels an expert: the minister of the Treasury, Fabrizio Saccomanni, former dg of the Bank of Italy. Matteo Renzi, who in January urges us to invest in the Mps for six months, listen to stubborn the year to accept another bailout and private bank: to avoid controversy, and in view of the constitutional referendum. That has lost, by sending to the air (probably) and also saving private.
READ more. SEVEN THINGS TO KNOW about THE RESCUE
the vertices of The Mps, and often for the appointment more or less policy, you will enjoy of errors the management of the company since 2001. When Divo Gronchi and Pierluigi Fabrizi buy the Bank of Salento compliance dalemiana embarking Vincenzo De Bustis. Skinny bargain cost 2.500 billion lire and a harbinger almost only of legal cases for innovative products in Puglia are sold. The palm management to Giuseppe Mussari, who, in 2006, the project by the president of the Mps Foundation to the presidency of the bank, and chooses Antonio Vigni as the dg. They are the years in which must be defended in the senesità with acquisitions, not to be eaten by others. Senesità, here is a declension kind of self-control: that of the Pd, local and roman, who command between Tuscany and the Capital. The end of the debate with shareholders, and, behold, Antonveneta, paid 9 billion at the end of 2007, when blossomed the global crisis. A dossier is never digested, that svena the Foundation’ s intent to defend share of 50% in the bank, and, giving vent to all the spericolatezze accounting implemented to hide the losses; and soon waste rams inside the prosecutors in charge and destabilize the Upstream (spread a veil over Gianluca Baldassarri, the head of the “band of 5%”).
Fabrizio Viola and Alessandro Profumo, the bankers “foresti” rank came to heal the things in 2012, did not fail us: for the non-effective treatment of non-performing loans which have contributed to the 10 billion of losses in the last 4 years; for the defense of the dam book he wrote as “Btp” transactions in derivatives on those securities of debt (after years of disputes, the public prosecutor of Milan and Consob has imposed to the Mps to correct the budgets 2009-2015, opening the way to legal recourse); for having lost the opportunity to convert into capital, the old State aid, defending the pride and the autonomy of executives in private, and also the income in the case of Violet: why is the Eu directive imposes a ceiling of 500 thousand euros in the year to the manager under the help of the State, while the capoazienda between 2012 and 2016 has gained 11 million. That roof will fall on Marco Morelli, for three months, but he knows the risk (it was the T reasury to impose his arm with Purple).
No minor are the responsibility of Consob and Bank of Italy, ensuring they have approved the acquisitions, and securities issues for about $ 20 billion, already into ashes, or well started. Consob approves the prospectus of 2,16 billion bond subordinated 2008 sold 40 thousand customers by the agencies, the Mps, have written that they would have quoted “tend to 100″ while today we are under 60 (just on this title technicians try forms of refreshment when, with the next likely to State aid, the conversion by force of the subordinate will present the account). Then approves the schedule of increases in 2014 and 2015, after accounting corrections on derivatives made in the last year are likely to be weapons in the hands of investors angry (we have lost 8 billion). And the Bank of Italy? Authorizes, housekeeper, Mario Draghi, the purchase flash of Antonveneta no accounting expertise and a digit too long for the Mount. Even after the supervision do not overdo it, if you t hink that the three increases 2014-2015-2016 are all imposed by a foreign authority: the Eu Commission that at the end of 2013 asks to repay or convert the Monti bond, puzzled of how the Mps has represented the problems on which it based requests for help (always the controversy Btp-derivatives). The Ecb, which in November 2014 to start the supervision on the Mountain with an exam on the credits and makes reclassify one-third of the sample, such as suffering (the hole from the 3 billion increase in 2015). And in July, the Eba in london, which in the stress test’s “adverse scenario” sees the exit of the Mps as the worst of the 51 banks. And triggers the capital deficit that is now destined to pay the State.
(the article was published by the Republic on 10 December, last)
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