The Council of State has suspended as a precautionary measure, the circular Bank of Italy that contains the implementation measures for the transformation of the banks in the company for shares, as provided for by the reform launched by the government Renzi in January 2015. The administrative courts have partially accepted the appeal presented by the members of the institute and returned to the next room of the council the discussion on about of the matter, after which the constitutional Court (of which the regional administrative court of Lazio has put the a cts in October last year) will be given on the legitimacy of reform.
In the viewfinder there is the limitation of the right of withdrawal for the shareholders: the decree of the reform has provided that National would prevent to the shareholders to exit from the capital – an option that is guaranteed by civil code in the event of a "transformation of society" – in the event that this is necessary to prevent a reduction of share capital under the bar set by the banking Supervision only exerted by the Ecb. The circular issued on this basis by the bank of Italy presents: "profiles of non-manifest groundlessness" constitutionality and "appears to be suffering from defects derivatives, in the part regulating theexclusion of the right to a refund," reads the ordinance. "The measures that have been challenged (and the legislative framework on the basis of which were adop ted) have a direct influence on the prerogatives related to the member status the popular bank, thus presenting profiles of instant harm".
After the stop of the precautionary titles of popular banks have slipped in the Bag. the Ubi has closed -4,77%, Cheval to -2,78% Bpm to -0,35%, Banco Popular to -0,60%. The Popolare di Sondrio, which brings together in two weeks, the shareholders ‘ meeting to resolve on the transformation into spa, he left on the ground at 3.58 percent. "The best solution now is to redirect the two assemblies, which is still lacking for the transformation into a spa, Popolare di Bari, and Popolare di Sondrio". commented with theAp Fausto Hair, one of the attorneys who submitted the appeal. "We have to wait for the constitutional Court to have certainty on the right of withdrawal and to tell the members how to behave".
