Many in the european central Bank had stopped believing in it. The idea that the capital market could still provide a solution to the problems of the Monte dei Paschi has appeared increasingly less plausible to the majority of executives in the structure from Frankfurt supervises directly all the leading institutions of the euro area. The choice yesterday not to grant to Siena, not even three weeks longer — if confirmed in spite of the puzzling silence of the Ecb — was born here. Was born but also by the deterioration already apparent in the relations between the Italian authorities and the supervisory body, led by the French Danièle Nouy. The first accuse the second pressure to be applied indiscriminately on the banking system, without dosage, nor sense of proportion, to the point of contributing to the paralysis of credit in Italy. The chairman of the Board of the single supervision of the Ecb argues that the Italian authorities would have tried to belittle the problems of the banks, reluctant to push towards the restructuring of the sector. From Rome, replied that to do so with the required public intervention, the european rules require falcidiare private savings in a socially and politically destabilizing. Frankfurt contends that every week lost raises the cost of any rescue and any future restructuring. It is in this maze of misunderstandings that yesterday is gone scene the episode’s most unsettling of the entire saga. An indiscretion of the "Reuters" in the middle of the day is to know that the european supervision has rejected the request of the Mps to have twenty more days of time to find a market solution to a capital increase of 5 billion euros. The idea of Siena is to wait a few days to let steps the government crisis. But on the top of the supervision of the Ecb, clearly, a majority does not believe in the most: according to "Reuters" denies the referral, in fact inviting, implicitly, the government to launch a public intervention to Siena in a very short time.
Monte Paschi: no decision has been communicated to us
The news a few hours ago to the collapse of the title of Siena 15.3% at the end of the day, Intesa Sanpaolo loses 2.36% and Unicredit 2.5%, while Italian government bonds to ten years fall and their performance rises by 0.14%. In the meantime, strangely, no one from the Ecb confirms nor denies. No one explains if a decision has already been taken or not, even if in the meantime the leak has the effect of a detonation capable of burning billion of value on the market of a european Country already in the midst of the crisis of the government. No one from Frankfurt responds to the phones, and that Italy was an entity hostile. Only late in the evening by the Monte dei Paschi do you know that Siena would not have been communicated by the Ecb decision. Are all clues that the relations between the Italian authorities and Danièle Nouy are now deeply in the thesis. Are also clues that the mechanisms of the banking Union will not work as they should, but the subst ance doesn’t change: today in the world there are investors really willing to believe in the revival of the Mps on the market; within the next few days, but probably by the next government, will be launched with a decree that mobilizes up between 5 and 7 billion euros to deal with the different aspects of the rescue of Monte dei Paschi. According to various observers, the measure will put a public guarantee of the capital increase from 5 billion. The intervention will require the person who holds the bonds as "subordinated" of Mps (more at risk), convert them into actions, conditions draconian, but the decree will contain compensation complete families risparmiatrici, exposed for about two billion, provided it determines that those securities have been sold to them by the bank in an abusive way. Finally, the government should also finance the separation from the budget of the Mps of all the loans in default, but above all, it will take a commitment: to sell the bank on the market as soon as possible. For european law, this will not be a nationalization in style years '30 that is destined to last for the rest of the century. Left out only one detail, among many: the Mps is not alone. Probably towards the end of the month, the Ecb will know that Veneto Banca and Popolare di Vicenza are again seriously short of capital. For them, approaching in the spring, a saga similar to that experienced by Siena this fall.
December 9, 2016 (change on December 9, 2016 | 22:38)
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