repayment for members of the popular banks exercise right of withdrawal because you disagree with the transformation in the SPA, provided by decree of the reform of 2015, can be deferred, but not denied. Is this the pin in the dell'the ordinance of the Council of State, which has decided to submit to the Constitutional Court the doubts of legitimacy on some of the rules of the decree on the popular banks and has suspended a precautionary part of the circular application of the Bank of Italy. To submit an appeal, some members of the credit institutions. The judges of the sixth section, chaired by Ermanno De Francisc o, as they considered that "the measures that have been challenged have a direct effect on the prerogatives relating to the status of the member" by presenting profiles of immediate harm".
The stop of the State Council to the reform of the popular banks
The main of these profiles is the one on the right of withdrawal. The decree provides that the right of a member who withdraws to the sight, liquidated the shares, is not only delayed by the precise terms and interest, but may be "limited", with the possibility "to exclude, tout court," reads the ordinance drawn up by the director Roberto Giovagnoli. In addition, the circular of the bank of Italy attributes to the institution concerned by the withdrawal, the power to decide the exclusion of the refund, creating "a situation of conflict of interest." The decision of the Council of State, does not block the reform of the popular, all the more so that the process is now in place and is part of the popular Sondrio, italy and Bari, the shareholders have voted for the transformation in spa. And in any case you must wait for the ruling of the Constitutional Court. But, of course, also proposing deferred repayment to the share holders, a weight on the accounts of some of these institutes may be taken. And it is not a coincidence that the folk have closed down in Bag: Ubi Down 4.7%, Popolare Sondrio, with a 3.6%, Bper -2%, Banco Popolare, Or 0.6%, Bpm by 0.3%. The bank most at risk is the Popular of Bari, called to deliberate on the step to the SPA on December 11, and has fixed the value of withdrawal to 7.5 euros per share, giving the institute an assessment of € 1.2 billion: if the limitations of the right of withdrawal shall be deemed to be illegitimate, the members may ask in mass exit.
Right of withdrawal and the processes for the popular banks (Il Sole 24 Ore, December 3, 2016)
At the moment, there are three popular that they have concluded the procedure of withdrawal: Ubi Banca, Popolare Vicenza and Veneto Banca, and they are all limited in a drastic way, requests to leave. Ubi, on the requests for 258 million, it has fulfilled only 13; Popular Vicenza has denied all the withdrawal, which had been exercised only for the equivalent of 1.7 million; the same as Veneto Banca, which has rejected the cancellation for a total consideration of 14.5 million. In front of a picture that presents several unknowns, it is not excluded that the government decides to intervene with a decree to re-absorb later in the maneuver, going to correct and file a series of aspects regarding banks, and the work in this direction would already be in progress. Between the variable pendants, one concerns the Constitutional Court, and not only for the ordinance that will send a brief to the Council of State, but also for another reason, already discussed, and not yet arrived at the j udgment arose from an appeal of the Lombardy Region. the The reform of the popular applies to banks with assets above 8 billion.
The reference to See
This threshold may be questioned, because it is considered too high. Maybe with a ruling not retroactive – and the Browse has made other on economic issues – save and then the resolutions already voted on by the shareholders ‘ meetings. In each case, explains today Il Sole 24 Ore in an article in the signature of Angelo Busani, the assemblies already made remain valid:
In part that the ordinance of the Council of State, technically, consists in suspending the effectiveness of a norm of estimated regulatory the circular implementation of the Bank of Italy (while the anticipated order of referral to the council the effect of which is to enable a judgement of the constitutionality of a norm, primary the dl 3/2015), the transformation in the Spa of the popular banks, however, remains, albeit certainly not adopted in a spontaneous way, a decision voluntarily taken by the shareholders ‘meetings of the cooperative and, therefore, it is of the resolutions to be relinquished only with the completion of the proceedings on the shareholders’ equal and opposite.
Even so, assuming that, in the future, the constitutional Court to declare unlawful the whole of the legislation that now "forces" the transformation in Spa the co-operative banks of larger size (under penalty, in case of default, the liquidation writ of the bank), this would never have the effect of placing automatically in the void everything that has been accomplished in accordance with the law in the case is unlawful, as capiterebbe if the transformation force were a direct consequence of the law itself.
the findings of The Council of State in judgment (Il Sole 24 Ore, December 3, 2016)
Much less what has already been decided by the members of the popular can be affected by a possible declaration of the unconstitutionality of the individual specific aspects of the law in question or the declaration of illegality of regulatory provisions adopted in the implementation of the primary legislation. What could happen – in theory – is another: the popular you are due to turn may return, if their members want it, to their origins, co-operatives, which clearly would not be allowed if it was instead held to be legitimate, the legislation that prohibits exercise in the form of co-operative banking activity if the latter has exceeded a certain size indicated by the law itself.
Then, the popular that has been turned into a Spa may ritrasformarsi co-op and if two banks were to instead fuse, so you could place a split to bring the situation to the status quo. Still, you could assume the training (now banned, but a rule according to which the Council of State has strongly objected to the illegitimacy) of the cooperatives that take on the role of holding company stock merchants banking activities before headed to popular banks.
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