The most busy, but the halls youth unemployment – The Sun 24 Hours

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in 2016, it is closed with 242mila occupied, of which slightly less than half (111mila people) with a permanent contract. The absolute figure is higher than the one registered by Istat in December of 2015 when the additional places created have been 141mila, but at the time there was a surge of open-ended contracts (+238mila), supported by the incentive-filled, compensated, however, by the fall of self-employment.

The month of December also marked a new negative peak in the rate of youth unemployment, which rose to 40,1%; a figure which we nails on the third and last place in the international comparison (worse than us, only Spain 42.9%, and Greece, to 44.2%, but the detection is to stop in October 2016). We are light years away from the first class, Germany, with just 6.6% of under25 without a job – thanks to the dual training system -, as well as from 20.9% in the euro area and from 18.6% in the Eu. The distance with the main partner, according to Eurostat, are also observed on the rate of unemployment: in December in Italy remained stable at 12%, unlike the euro area where it declined to 9.6%, the best result since may, 2009 and by the Eu (8,2%). Also in this case we are in the last places, far away from Germany (3.9%) and France (9.6 percent).

Of the rest, December, confirms the trend detected by Istat also in the previous months, the Italian labour market, which stabilised: in the last quarter of 2016, there has been a stability of employment. In December, the employment rate stood at 57,3% (same as November), but in growth (+0.7 points) on December 2015. The unemployed have stabilized above $ 3 million (3.103.000) and year-on-year rose by 144mila unit. At the same time collapsed the number of inactive, (-478mila than December 2015): this increased participation in the labour market, however, for the most part is not resulting in new employment and eventually to swell the number of unemployed. This phenomenon adversely affects the serious delay in the take-off of the active labour market policies.

by Analyzing the age groups, it emerges that the greatest increase in employment has affected the over 50s, to effect the raising of requirements for pension (+410mila on an annual basis). While the central strips of age, between 25 and 49 years of age, we are witnessing a contraction in employment, to demonstration, as explained by the labour economist Charles Herring, “of the difficulties of a large part of the manufacture, still struggling with the complex situations of industrial crisis”. Return to grow the fixed-term contracts – compared to the December 2015 register 155 thousand occupied temporary more -, while the collapse of the self-employed (-24 thousand) suffer from the economic downturn, in the first place due to the effect of the critical issues of the client.

The Istat, for the first time, also provides the data of the effect of the demographic component on the underlying trend of employment, showing that the decrease of 168mila occupied in the bands between 15 and 49 years of age affects in a significant decrease in the population of this age group. Net of this dynamic, the employment performance is, on the contrary, positive (+76mila unit). In the range between 50 and 64enni, on the contrary, the population growth has only accentuated the growth in employment.

Among the reactions, the government sees the glass as half full and by the voice of the minister of Labour, Giuliano Poletti points out that “by February 2014, or since the establishment of the government Renzi, there have been 602mila occupied, 440mila of which are regulars”. Of a different opinion Renato Brunetta (Fi), according to which “the Italian labour market has stopped.” Of concern to the trade unions: Cgil, speaks of “a social emergency that is affecting especially young people.” For Maurizio Sacconi (Ap) “the effect of incentives is exhausted, it is urgent for an extraordinary plan of work for immediate effectiveness”.

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Work, halls, youth unemployment in December. Istat: 40,1% – Techcrunch.it

Work, Istat: in December unemployment stable at 12%

Unemployment stable in December. The rate of without work, it communicates the Istat, and 12.0%, stationary with respect to November 2016. In comparison with December 2015 the rate rises by 0.4 percentage points. The estimate of the unemployed is increasing on a monthly basis by 0.3%, equal to +9 thousand). The growth is attributable to the female component, in the face of a decline for the male, and is distributed between the different classes of age with the exception of the 25-34enni. The estimate of inactive between 15 and 64 years and a decrease in the last month by 0.1%, equal to -15 thousand). The decline affects both gender and all age groups except for the over-fifties. The rate of inactivity’ and’ stable for 34.8%.

Work, Istat: youth unemployment rises to 40,1% in December

In December, the unemployment rate of 15-24 who, i.e. the share of youth unemployed on the total active (employed and unemployed), and is equal to 40,1%, an increase of 0.2 percentage points compared to the previous month. It detects the Istat. From the calculation of the unemployment rate are, by definition, excluded young people are inactive, i.e. those who are not employed and not looking for work, in most cases, because engaged in the studies. The incidence of unemployed young people between 15 and 24 years of age on the total of young people of the same class of eta’ and’ equal to 10.9% (i.e. a little more than one in 10 are unemployed). This impact is an increase of 0.1 percentage points compared to November. The employment rate of 15-24 who remains stable, while that of inactivity,’ cala of 0.1 points. In the remaining classes of age, the employment rate in December increased between the 25-34enni (+0.8 percentage points), remains stable between 35-49enni and cala among the over-fifties (a decrease of 0.2 points). The unemployment rate for cala between 25-34enni (by 0.9 points), while increases in classes 35 and 49 years (+0.1 percentage points) and 50-64-years (+0.4 points). The rate of inactivity cala between 25-34enni (by 0.1 points), while it remains unchanged among the ultratrentacinquenni. Looking at the average of the last three months, informs the Istat, the employment rate increases among the over-fifties (+0.3 percentage points) and decreases in the remaining classes (a decrease of 0.2 points in the class 15-24 years, by 0.3 between 25-34enni, -0,1 between 35 and 49 years of age). The unemployment rate remains stable among the over-fifties and growing up in the remaining classes (+1.6 points between the 15 to 24 who, +0,2 between 25-34enni, +0.3 points among the 35-49enni). The rate of inactivity increases among the 25-34enni (+0.2 points) while it decreases in the remaining classes of age (0.4 percentage points among 15-to 24 who, by 0.1 between 35-49enni, -0,3 among the over-fifties). In the span of a year, the employment rate grows in all classes of age, with variations ranging from +0.1 percentage points for young people aged 15-24 years and +1.8 points for the over-fifties. The unemployment rate remains stable among the over-fifties and growing up in the remaining classes (+1.8 points between 15-24 who, up 0.3 between 25-34enni, +0.5 points between 35-49enni). The rate of inactivity cala in all classes of age, with variations ranging from of 0.8 points for the 35-49enni and 1.9 points for the over-fifties.

Work, Istat: employment stable in December, +242.000-over-year

In the month of December, the estimates of the employed and stable compared to November. The data, informs the mayor, and’ the synthesis of an increase for the male component, and an equivalent decline for the female gender. On an annual basis, in December, confirms the increasing trend of the number of employees (+1.1% on December 2015, equal to +242mila). The growth trend is attributable to employees (+266mila +111mila the permanent, +155 thousand time), and involves both women and men, focusing, among over-fifties (+410mila). In the same period the increase in the unemployed (+4.9% or eur +144 thousand), and decrease the inactive (down by 3.4%, equal to -478mila). In December, on monthly basis, increase the number of employed aged 25-34 years, while that drops over 35. To grow, this month, and the employment to an end, while decrease the independent. The employment rate is stable to 57.3%.

Unemployment stable in December, reveals new statistics Istat – Blasting News

The Eurostat paints an Italy that’s still hard to compare with other nations of the European Union – ekonomia.en

today the new report #ISTAT about the labor situation in Italy, which provides a snapshot of the month of December last year. The number of employees proves to be stable compared to November, but records a change regarding gender: a decrease in the workers, even if the decline is offset by their fellow men.

Increases the number of italians who seek work: the trend in the October-December period is in fact that of a decrease in the number of inactive, that drops to 78 thousand units. On an annual basis registers an increase of employees (+1,1%) with a greater increase of fixed-term contracts (+155 thousand) on the permanent (+111 thousand).

A look at Europe

Today has been released a new study by the Eurostat, the Statistical Office of the European Union, that allows you to frame the data of the peninsula in a broader context. If we take a look at the#europe 28 Italy the figure as quartultima to rate #Unemployment. Compared to an average of 8.2%, the Beautiful Country proves to be one of the nations worst with a 12%, which places it ahead of only Cyprus, Spain and Greece. The overall figure for the EU-28 represents in each case the lowest unemployment rate since February 2009.

To jump to the eyes, however, is the now chronic youth unemployment Italian. In December amounted to 40,1%, almost the double the average in the eurozone. The part of the lion instead of the ago, Germany, that sees youth unemployment settle at 6.5%.

Occupied, unemployed or inactive?

What do you mean by these terms exactly? We offer a glossary to clarify in short, but in detail, such as the National Institute of Statistics classifies these words:

• Busy – Are, in general, the segment of the population that is committed to a working relationship, even if you do not necessarily have to perceive a remuneration. The employed are those who, with more than 15 years of age, have worked in the reference week at least one hour of paid work or, alternatively, have at least played an hour of work without any remuneration in the family company or in that in which they collaborate regularly. They are considered employed those workers who, although absent from work, there are more than 3 months or have received at least 50% of their salary during the secondment period, as in the case of illness or holidays.
• Unemployed – Are those people who are ready to enter the world of work and that but I still have the chance. Between 15 and 75 years of age, define themselves as unemployed those individuals who are willing to take on a job within 2 weeks of the detection, and that have made effective action for finding employment in the 4 weeks prior. The unemployed are also those who are going to start a business working within 3 months, and would also be willing to start employment within 2 weeks.
• Inactive – Are the ones that remain excluded from the previous categories, that is, people who do not have a job and have not undertaken an active search for a place.

Unemployment stable at 12% in December, dates back to that of young people: over 40% – The Republic

A manifestation of the workers in the Eurallumina of Portovesme (ap) MILAN – The unemployment rate in December remained stable in Italy, amounting to 12 per cent (in growth, however, from 11.6% of the December 2015). He still plays, however, the alarm for what is happening to young people: the rate of the jobless are between 15 and 24 years old has climbed in December, exceeding the threshold of 40%. It is taken for the accuracy of the 40,1%, an increase of 0.2 points on November and at the highest level by June 2015. The minister of Labour, Giuliano Poletti, said of the data, emphasizing the “substantial changes” that are recorded on an annual basis: “The strong reduction of inactive (478mila less), and, in fact, sees a significant growth of employment (242mila) and the increase of people who are actively looking for work (144mila). Combined with the increases already recorded in the previous periods, the increase also in 2016 leads to 602mila the number of employed people in more starting from February 2014, 440mila of which are regulars”.

the

15-24	percentages
employment Rate	16,3
unemployment Rate	40,1
the Incidence of the unemployed population	10,9
Rate of inactivity	72,8
25-34 YEARS
employment Rate	60,5
unemployment Rate	17,8
the Incidence of the unemployed population	13,0
Rate of inactivity	26,5
35 and 49 YEARS of age	percentages
employment Rate	72,4
unemployment Rate	9,7
the Incidence of the unemployed population	7,8
Rate of inactivity	19,8
50-64	percentages
employment Rate	58,5
unemployment Rate	6,3
The incidence of the unemployed population	4,0
Rate of inactivity	37,6

Rebus young people. After the last signal of the growth of unemployment recorded in November, according to Istat, the spear still numbers a concern for those under 25. In December, the rate of jobless among young people, i.e. the share of unemployed of the total active is grown as said by 0.2 points to 40,1%. If you consider that most of the boys of that age are studying, the incidence of young unemployed people on the total of that population is 10.9%, which means that more than one boy in ten is at home. If you look at the detail of the other age groups, adds to the Istat, the unemployment cala between 25-34enni (by 0.9 points), while increases in classes 35 and 49 years (+0.1 percentage points) and 50-64-years (+0.4 points).

is an increase in people seeking and the unemployed. Always in comparison to December of 2015, it recorded a growth of job search: drop the inactive (down by 3.4% or eur -478 thousand), but seen that the companies fail to absorb the entire supply of labour also increases in the unemployed (+4.9% or eur +144 million).

comparison of pre-tax benefits and Jobs Act. it is interesting to compare the data published today by the Institute of statistics with those related to the performance of the Italian labour market in 2014, that is, before the government Renzi triggered the tax reductions for the recruitment stable (matches the beginning of 2015), and the reform of the Jobs Act, with its protections of the growing – among other things – the weakening of article 18 (7 march 2015).

HOW IS THE JOBS ACT? A BUDGET OF ITALY in THE WORK

The euro zone improves. While Italy collects data in chiaroscuro, and it is the only large Country with a worsening yearly, in December, the unemployment rate in the euro area was down to 9.6% from 9.7% in November compared to 10.5% in December 2015. And’ the lowest rate since may 2009. In the Eu the unemployment rate was 8.2%, stable compared to November and down from 9% a year before. For the Eu this is the lowest percentage since February 2009.

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Istat: youth unemployment dates back to the 40,1% – Il Sole 24 Ore

The rate of unemployment of young people between 15 and 24 years, dating back to December, exceeding quota 40%. It is how to detect the Istat, explaining that the share of unemployed people on the total of the assets in that age group (employed and unemployed) in December to 40,1%, an increase of 0.2 percentage points on the previous month, to the higher level by June 2015.

the labour Market, the effect of the incentives 2015

In December, the unemployment rate is at 12%, stable on the November figure revised upwards from 11.9% to 12% – and up 0.4 points on December 2015. For Istat is the higher level by June 2015 (by 12.2%). The unemployed reached 3.103.000 with an increase of 9,000 units on November and of 144,000 units on December 2015. Still falling, the inactive between 15 and 64 years with -15.000 units on November and -478.000 unit on December 2015. The rate of inactivity is stable around historical lows for 34.8%.

In the same period the number of employed remained largely unchanged over November (+1,000 units) while they are increased by 242mila unit on December 2015 (+1,1%). The number of employed in the complex recorded in the month based on seasonally-adjusted data were 22.783.000. The employment rate to 57.3%, unchanged from November and an increase of 0.7 points on December 2015. Are increased the employees with +52mila unit on November (especially the end), while the independent fell by 52mila unit.

In the agenda of the government immediately cut the wedge and labour policies

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+46.000 occupied between 25 and 34 years old
instead, employment in the range of 25-34enni compared to November, with over 46,000 units to work more (+1,2%) while the unemployed are falling
to 43,000 units. In this segment, the number of employed decreased by 20 thousand units, compared
last year. The employment rate to 60.5%, with growth of 0.8 points on November and by 0.5 points on December 2015. The unemployment rate is 17.8% with a decline of 0.9 points over November and an increase of 0.3 percentage points on the December 2015.

Is “unfindable” one worker out of five

net demographics employment youth grows
net of The effects of demographic to December 2016, the employment performance of persons aged 15-34 years was positive (+27 thousand occupied est.) and the negative variation observed among the employed (-19 thousand) is entirely determined by the decrease of the population in this age class. Explains the Istat, in an analysis on the demographic component attached to the note on Employed and unemployed persons in December 2016. Even among the 35-49enni, explained the Institute – the strong decline of the population of this age group (down 2.0% in the last year) have a significant impact on the decline in employment, and the observed variation is equal to -149 thousand against a employment performance, net of the effect of demographic trends, of opposite sign equal to +49 thousand. Among the 50-64enni population growth helps accentuate the rise in the number of (+217 thousand in the occupied estimated net of the ef fects of the demographic switch to +350 thousand observed).

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Unemployment: inactive still down, unemployment rate at 12% – Corriere della Sera

In the month of December remained stable compared to November levels of employment, with the unemployment rate at 12%, makes known the Istat, remembering that it is the higher level by June 2015 (by 12.2%). The unemployed reached 3.103.000 with an increase of 9,000 units on November and of 144,000 units on December 2015.
Still fall in the inactive between 15 and 64 years with -15.000 units on November and -478.000 unit on December 2015. The rate of inactivity is stable around historical lows for 34.8%. Are increased the employees with +52.000 units on November (especially the end), while the independents declined of $ 52,000.

Warning among young people

In December, the unemployment rate of 15-24 who, that is, the share of youth unemployed on the total of the active ones is equal to 40,1%, an increase of 0.2 percentage points compared to the previous month. From the calculation of the unemployment rate, says the Institute, are by definition excluded young people inactive, that is, those who are not employed and not looking for work, in most cases, this is because engaged in your studies.
The incidence of young unemployed people between 15 and 24 years of age on the total of young people of the same age class is equal to 10.9% (or slightly more than one in 10 is unemployed), the incidence increase of 0.1 percentage points compared to November.

the Employed and the inactive

The unemployment rate for November was revised to 12 from 11.9%. Expectations for December showed 11.8%. In December, the employment rate is, to 57.3%, in line with the figure of November. The busy – 22,783 million – remained stable compared to November and a rise of 1.1% on an annual basis. In the month of December, the number of inactive remains substantially unchanged on the basis of economic (or 0.1%), while it decreases by 3.4%.

But in the Eurozone drops

The rate of unemployment in the Eurozone in December fell to 9.6% (equal to 15,571 million without a job) from 9.7% in November, with a gain of 121mila places. Last month is the lowest level since may 2009. The indicates Eurostat, which specifies how to December 2015 the rate was 10.5%, to 16,827 million unemployed. In 12 months, therefore, have been recovered 1,256 million jobs. In the whole of the Eu-28 the December rate was 8.2%, stable compared to the previous month.

31 January 2017, (change to January 31st, 2017 | 11:07)

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Ecb, Draghi: point to financial integration in the Eu – The Sun 24 Hours

financial integration “, you should not take for granted”. he said the president of the Ecb, Mario Draghi, opening in Frankfurt, a conference dedicated to the digital market integrated in Europe. “As we saw during the financial crisis – has continued Dragons – a financial integration is incomplete creates vulnerability and is at risk of fragmentation. What matters is the quality of financial integration. With the Banking Union we are laying the foundations for financial integration is more complete in the future”.

However, he said even Dragons, “to be truly complete, a single financial market must also include the integration of the capital market”.

Draghi called the four rules on the inflation “hawks” German

the objectives of The Eurosystem
“to Promote the financial integration – said Draghi – is, next to that of price stability – one of the primary objectives of the Eurosystem. It is essential for a good functioning of the single currency. In fact, you can consider the financial integration and the single currency as the two sides of the same medal: one of the motivations behind the effort towards the single currency has been the maximization of the benefits of the single market for capital” and, on the other hand, “an integrated financial market is necessary to have a single currency efficient”. It is for this reason that the Ecb “”look with favor on the project of the union of the capital market”. The project is able to complete the banking Union, strengthening the economic and monetary Union and strengthen the single market” so as to put together a banking Union, “the foundations for finan cial integration more sustainable in the future”.

The risks of cybercrime
“we should Not underestimate” the “potential” of an attack of cybercrime “given the high level of interconnection of the infrastructure of the financial market”. It was the warning of the Dragons, opening in Frankfurt the conference: “Every step forward of progress are accompanied by risks and opportunities, and one of the biggest risks related to the digitisation of one of the cybercrime“, the activity related to the cyber attacks of the hackers “that is on the rise. The increase in the number of users and data on digital platforms, in the activity on the cloud, and on different networks, have multiplied the potential pathways for an attack criminal. Agents of the cybercrime, whether it is criminals, hacker activists or terrorists, are constantly seeking to increase their level of sophistication and to find new ways to attackR 21;. The Eurosystem aims to improve the resistance of the system as a whole to this type of attacks, improving of the infrastructure of the market, encouraging the sectoral level and promoting collaboration in the form of joint initiatives”.

digital business
The process of digitisation that is sweeping not only the financial industry but the whole of society” can make the business process faster, less expensive and generally more efficient. But there are also risks that must be managed,” he explained to the Dragons, who then added that the Eurosystem “continually seeks new ways to improve the efficiency and lower the costs of the infrastructure of the market”, Target2-Securities, that allows capital to move freely across Europe. “We are constantly evaluating, – said Draghi – how to respond to and benefit from the technical innovation so as to meet the needs of the user, always trying to stay ahead of the evolving risks. On this background, we initiated a strategic reflection on the future of the infrastructure of the market of the Eurosystem”.

(Il Sole 24 Ore – Radiocor Plus)

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Bag: Europe heavy with Trump, Milan black jersey – ANSA.it

Effect Trump Handbags. Closing in the negative for all of the european Exchanges, which have been affected by the controversy in the United States for the president’s policies, Donald Trump, on the subject of immigration, and data on inflation in Germany. Black mesh in the Old Continent is Milan, which gave way to the 2,95%. Evil also all the others: Paris has lost l’1,14%, Frankfurt 1.12 per cent, London 0,92%) and Madrid (l’1.5%.

Unicredit, in the estimation of net results in 2016, expects to record a loss of approximately 11.8 billion euros. It reads in a note.

Wall Street is worse, weighed down by Donald Trump and his decree on immigration. The Dow Jones loses the 1,07% 19.878,30 points, the Nasdaq gives l to 1.40% to 5.581,40 points while the S&P 500 leaves on the ground 1.01% 2.271,53 points.

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Unicredit is close to the increase of capital. 2016 will close in the red of 11.8 billion – The Republic

the MILAN – Title Unicredit heavy to trading in Piazza Affari, where also passes in a phase of suspension of the trade in the morning and is then in sharp decline for close to 5.5% of (follow live). The banking sector is weak and drags down the overall index.

this Morning the bank of Piazza Gae Aulenti has published a registration document, prepared in view of the capital increase by 13 billion euros, for which he received the go-ahead from the Consob. The document – together with the informative note and summary still to be published – is the material put at the disposal of shareholders and investors to evaluate the opportunity to subscribe to the recapitalization. And today in Milan was held a cda approach to the recapitalisation, which should then be launched the first of the board of directors on the accounts of the 2016 scheduled for 9 February. “The acceleration of the timing of the capital increase is quite surprising, considering that the operation should start on the 6th of February,” say analysts at Icbpi, which have a council ‘buy’ and target price of 29 euros on the title. “It is not excluded that the management wants to take advantage of the good intonation of the markets, avoiding the risk of the operation to conditions more adverse than the current ones (the title is rose 16.4% in the course of the last three months)”.

In the first pages of warnings to the investor, of the over a thousand that make up the note of recording, Unicredit is the point of the situation by going through the Strategic Plan 2016-2019, of which the increase is pillar. It adds “the completion of certain extraordinary transactions of sale of assets (including, in particular, the disposal of the Group Pioneer Investments and Bank Pekao) in addition to the sale transactions already completed”; the improvement of the quality of the assets (“Project Up” and “Port Project”, which involve the sale of packages of non-performing loans and their coverage in the balance sheet); and “the significant reduction in the number of employees and, consequently, of the staff costs and other operating expenses”.

In view of the accounts, the bank anticipates that the operations on the non-performing loans (increase of coverage, and disposals) is expected “adverse impacts to non-recurring profit or loss net income for the fourth quarter of 2016 the UniCredit Group, for a total amount of € 12.2 billion.” Impacts that will bring down the assets, with accounting effect as at 31 December 2016, while the increase will come only launched in the next few days: formally, the bank will be for a period – until the completion of the recapitalisation – out from the parameters of the Supervision. As he had no way to tell the ceo Jean-Pierre Mustier, “the increase is going well” with regard to the surveys, preparatory, but Unicredit stresses as a warning that – if the operation should only be completed partially, would take the stop, dividends, payments in respect of instruments “Additional tier 1″, and the bonus of the manager.

with the markets closed, the bank has made further clarity on these issues, explaining that today, the board “has reviewed the estimates of the preliminary consolidated results for the financial year 2016″. Reaffirming that “the results of the Group are negatively affected by non-recurring items of approximately euro 12.2 billion” – that had been communicated on the 13th of December 2016, on the occasion of the Capital Markets Day of UniCredit, the bank specifies that “the group has taken into account a series of additional write-downs a grant equal to approximately euro 1.0 billion, which is expected to be accounted for in the year 2016. These laid-off are mainly derived from a higher devaluation of the share in the Fund, the Atlas, of certain investments and deferred tax assets (DTA) due to the time differences, and extraordinary contributions to the Resolution Fund National. Accordingly, in the estimate of net results in 2016 the Group is exp ected to record a loss of approximately euro 11.8 billion. Adjusted by non-recurring items, the net economic result of the Group’s 2016 would be positive”.

again, in its prospectus, mentioning the analysis carried out by the Ecb on the group (in the context of the activity known as Srep) Unicredit remember that Frankfurt am main has “highlighted the persistence of a level of profitability that is weak, due both to macroeconomic factors, both factors specific to the Issuer, represented by low interest rates and the economic recovery may slow in key Countries, a high level of net adjustments to loans in Italy, and a high level of operating costs in Austria and Germany”. He also asked to “submit, by 28 February 2017 a strategy of non-performing loans, supported by an operational plan to deal with the issue of the high level of non-performing loans”.

As to the strategy of the sales, made to strengthen the assets, the reverse of the medal you see on the perspectives of the margins: “the effect on The intermediation margin and the result of the management of the Group UniCredit is equal to Euro -1.860 million and € -948 million (compared to a brokerage margin for the first nine months of 2016 Euro 17.070 million and an operating profit for the first nine months of 2016 of € 7.263 million), mainly attributable to the disposal of the Group Pioneer Investments, as well as the sale of a stake in Bank Pekao”. The intermediation margin is still expected growth from the plan, even if in “measure”, at 0.6% on average per annum.

Unicredit accelerates on the rise and slips in the bag – Milano Finanza

Title Unicredit in the sharp decrease in Piazza Affari (-5% to 12.20) waiting for details on the capital increase by 13 billion euros. Today he holds the board of directors for the examination of the accounts, but the meeting is evidently preparatory to the share capital increase which the board Wednesday set the price and terms. The recapitalization could start on Monday 6 February.

In the last hour it has emerged that the financial situation of Unicredit at the end of 2016 will not be in line with the european directives: risk, time, interest coupons and dividends. And’ what has been learned from the registration document filed today in the Consob and by the bank itself and on the upcoming capital increase that the institute is preparing to tackle starting next week. A dossier of 1049 pages to which the Authority of the financial markets, the Italian has given the go-ahead.

In the dossier, in particular, are highlights of the risks to which the institution would face in the event the recapitalization is not completed. One thing is certain: the effect of the time lag between the actions foreseen in the strategic plan, with a negative impact on the numbers of the group, the execution of the capital increase and the transactions of sale of assets, the capital ratios at the end of 2016 will not be in line with the objectives of the Srep. At December 31, 2016, in fact, the Cet1 phase-in will be equal to approximately 8%, tier1 capital ratio of 9% and the Total capital ratio to 11.5%.

In consideration of the above-mentioned non-compliance with the capital requirements, Unicredit will not proceed “until the restoration of the capital requirements are not met, the distribution of dividends and the payment of the coupons of the instruments Additional tier 1 capital”, stressed Gae Aulenti. In the immediate term, this means that “if the capital increase is not subscribed or had subscribed partially, the issuer may not pay the coupon relating to the instruments of Additional tier 1 due in march 2017 and would have limitations on the dividend distribution policy”.

In detail, the implementation of the strategic plan has produced a negative effect on the accounting books of the group and the level of capital that the economic overhead of 12.2 billion euro, in good part due to the increase of the degree of coverage on the loan portfolio subject to transfer in the framework of the project “Up” and loans the object of the project “Porto”.

The project Up, as pointed out by the institute on 13 December, provides a de-risking, in two phases, to be completed by the end of the plan 2016-2019, of 17.7 billion euros of gross loans defaulted by a portfolio of securitized loans for which the bank will sell to investors a share homogeneous equal to at least 20% in the first phase in 2017. Instead, the Port project aims to improve the quality of the assets with maneuvers that have led to value adjustments on receivables, in the last quarter of 2016, for a total of about 8.1 billion.

a negative Impact also on the front of the supply. The sale of Pioneer and the investment in Bank Pekao, considering only the economic components recurrent, it will cause a contraction on a pro-forma for the first nine months of 2016 related to the intermediation margin and operating income equal, respectively, to 1.86 billion and 948 million.

it is Not discarded, in addition, the hypothesis writedown of the investments in the funds, Atlas and Atlas 2: “it is Not possible to exclude the possibility that, if the value of the assets in which they have invested and/or invest the funds in the Atlas were to be reduced, such a circumstance may result in the need to devalue the shares of the funds with consequent impacts on the capital ratios of the group.”

In detail, at the end of September, Unicredit had paid to the Atlas, in front of a total investment of 845 million to approximately 504 million. To these were added 182 million in the fourth quarter of 2016, the value that has been revealed to the irrevocable commitment by Gae Aulenti for subsequent payments to 159 million. With reference to the Atlas 2, however, Unicredit has committed to subscribing shares for 155 million, equal to 7,19% of the total of 2,155 billion, of which 1.1 million has already been paid.

The experts of Banca Imi, taking into account the provisions for the extra, we expect Unicredit to a loss of 10,35 billion. However, “despite the substantial overhang on the action, we retain our positive vision”, concluded the analysts, confirmed the ratings add and the price target to 30 euros. According to Equita (hold with a price target to 31 euros), the fourth quarter will be weak, with revenues of € 4.9 billion, operating income amounted to 953 million, a net loss of $ 14 billion and a Cet1 at 7.7%.

In the registration document, also, we read how, in the framework of the Srep 2016, the european central Bank has highlighted a number of areas of weakness as the credit risk, in particular the high level of non-performing exposures, the liquidity risk, the risk connected to operations in Russia and Turkey, and the persistence of a level of profitability that is weak.

Therefore, within the next 28 February, Unicredit shall submit to the Ecb a “strategy of non-performing loans, supported by an operational plan to deal with the issue of the high level of non-performing loans”. Currently, Unicredit is subject to the four on-site inspections by the central Institute, and is waiting to receive the results of the audit by the Ecb relative to the market risk.

All things considered, “there is a risk that where” Unicredit “was not able to restore the capital requirements applicable, including through the use of extraordinary measures different from those envisaged in the strategic plan, it may be necessary to the application of resolution tools”, as foreseen by the european directive on the resolutions on banking, which introduced the mechanism of bail-in, has specified the institute.

This afternoon a new board of directors of Gae Aulenti. The meeting will be used to develop the final details of the strengthening of the balance sheet on which it rests, the strategic plan set by the chief executive officer, Jean Pierre Mustier. According to press rumors leaked over the weekend, the fact rather unusual, that the capital increase started before approval of the accounts for the last financial year could be the reason for the meeting today: in the statement of the increase could be, in fact, have to enter some digits of the results in 2016. From here the need to proceed in the day, a preliminary examination of the accounts.

The management would like to launch the recapitalization by eur 13 billion at the beginning of next week, in order to close the transaction by the end of February. Another cda should be summoned for Wednesday next to the approval of the prospectus and the definition of the price range of the capital increase. According to the analysts at Icbpi (rating buy target price to 29 euros), the acceleration of the timing may be due to the desire of management to “take advantage of the good intonation of the markets, avoiding the risk of realizing the operation at most unfavourable conditions of the existing ones”.

In the meantime, the president of the Fondazione Cariverona, Alessandro Mazzucco, speaking to a local newspaper, has reiterated that the final decision on joining or not to the capital increase of Unicredit , whose subscription to the share currently held, or 2,23%, would result in an investment of approximately 290 million, which will be taken by the governing bodies of the institution in the first days of February. However, the Foundation is not a bank, has written in its statutes, which must remain for life in Unicredit . There will be up to when the investment will respond to your needs”.

CariVerona, has continued Mazzucco, define “in what terms to give continuity to the membership,” also “paying attention to the roof of the 33%”, fixed by the protocol, in Acre-Mef, 2015 for the participation of a Foundation in their respective banks. With regard to a possible desire to become part of the board of directors, finally, the president of the institution scaligero has denied any voice.

Piazza Affari part in negativoLo spread Bund Btp over 180 points – Corriere della Sera

Opening of the week undertone for the european stock Exchanges, and negative for Piazza Affari, at the end of the morning trading loses nearly 2 per cent while the spread (the distance in performance between our bonds of ten-year and German) rises to 185 points, the maximum level reached by November 2016. The Btp in ten years marks a return of 2.34 percent. The main index of the Milan Stock exchange, the Ftse Mib, has the following under the 19mila points: time since last December 16th.

The peak for the spread and the auction of ten-year

The new peak of the spread Btp/Bund 10 years must be placed in a generalised context of rising yields of government of the euro area, which, however, penalizes the Italian paper, both for the current range to medium-long, both the uncertain political situation. To push up yields on the debt of the State of the area there is also the reading of the inflation of Saxony and Hesse, where the annual growth of prices has exceeded the 2% in January . The overall figure will arrive this afternoon and is intended to rekindle the demands of withdrawal of the stimulus measures implemented by the Ecb on the part of large sectors of the policy and the German public. The new Btp ten-year that expires in June 2027 — offered today to 4 billion against a demand that has exceeded the 5 — was placed with a yield to 2,37%, up 60 basis points compared to the auction of December.

Heavy banks

Milan pays, especially the poor performance of the banks: with the maxi capital increase of Unicredit on doors in the climate for the banking sector Italian it is heavy. Among the titles most in need in our market, there is the same Unicredit, which was first suspended, and then come back with a loss of 4.2%. A few hours ago the news of the ok of the Consob, the supervisory authority of the market, the registration document provided by the bank in view of the capital increase by 13 billion. Today, in Milan, is in the program a cda approach to the recapitalisation. In deep red (also Ubi Banca, -6,64% 3,31 euro, which ended in the auction of volatility, the excessive markdowns.

The expectations of the operators

More in general, the market awaits the next moves of the U.s. president Donald Trump, in addition to appointments with the Bank of Japan and the Fomc (between two days), after the contrasting indications coming from the Us Gdp in the fourth quarter. The number one of european Supervision on banks Daniele Nouy in an interview explained that the Italian institutions have yet to do much on the bad loans and will need to be part of the Supervisory further pressure “to do what there is to do.”

Eni and the utility

the Starting shock for Eni, due to a technical error, according to operators, has fallen into the boot of the 5% and then decreases to -2%. Down all the utilities. Weak crude oil with Wti down 0.6% at 52,91 dollars per barrel while Brent declines of a half percentage point to 55,25 dollars per barrel. On the currency market, the euro/dollar remains stable below the level of 1,07 to 1,0696, in line with the values of Friday.

case Agreement-General and the story Mediaset

the financial sector in The drop-down Intesa Sanpaolo and Generali. In the weekend there emerged rumors about contacts in the course on on-going evaluations among investors, Intesa Sanpaolo, about a possible combination with the company in trieste, but the conviction of the operators is the need for a few more days to clarify the scenario on the moves of the ceo of Intesa Carlo Messina, and on the reception of a project of this kind among the members of the General. Meanwhile on Friday, Moody’s pointed out that a possible combination with Intesa would have a negative impact on the creditworthiness of the General. On Friday, the presentation of accounts in the fourth quarter of Intesa Sanpaolo. Red also Mediaset (0.8%) and Telecom Italia (1%), after new rumors emerged over the weekend, and already denials by Fininvest, on an agreement coming between the Berlusconi family, and Vivendi to the creation of a holding company with the Italian assets of the two groups (Mediaset and Telecom).
In the rest of Europe, highlights Vodafone (+3%), which was announced to be in talks to merge their activities in india with Idea Cellular.

January 30, 2017 (amending the January 30, 2017 | 12:44)

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Unicredit is close to the increase of capital. Heavy weight title – The Republic

MILAN – Title Unicredit heavy to trading in Piazza Affari, where also passes in a phase of suspension of the trade in the morning and is then in sharp decline (follow live). The banking sector is weak and drags down the overall index.

this Morning the bank of Piazza Gae Aulenti has published a registration document, prepared in view of the capital increase by 13 billion euros, for which he received the go-ahead from the Consob. The document – together with the informative note and summary still to be published – is the material put at the disposal of shareholders and investors to evaluate the opportunity to subscribe to the recapitalization. And today, Milan is in the program a cda approach to the recapitalisation, which should then be launched the first of the board of directors on the accounts of the 2016 scheduled for 9 February. “The acceleration of the timing of the capital increase is quite surprising, considering that the operation should start on the 6th of February,” say analysts at Icbpi, which have a council ‘buy’ and target price of 29 euros on the title. “It is not excluded that the management wants to take advantage of the good intonation of the markets, a voiding the risk of the operation to conditions more adverse than the current ones (the title is rose 16.4% in the course of the last three months)”.

In the first pages of warnings to the investor, of the over a thousand that make up the note of recording, Unicredit is the point of the situation by going through the Strategic Plan 2016-2019, of which the increase is pillar. It adds “the completion of certain extraordinary transactions of sale of assets (including, in particular, the disposal of the Group Pioneer Investments and Bank Pekao) in addition to the sale transactions already completed”; the improvement of the quality of the assets (“Project Up” and “Port Project”, which involve the sale of packages of non-performing loans and their coverage in the balance sheet); and “the significant reduction in the number of employees and, consequently, of the staff costs and other operating expenses”.

In view of the accounts, the bank anticipates that the operations on the non-performing loans (increase of coverage, and disposals) is expected “adverse impacts to non-recurring profit or loss net income for the fourth quarter of 2016 the UniCredit Group, for a total amount of € 12.2 billion.” Impacts that will bring down the assets, with accounting effect as at 31 December 2016, while the increase will come only launched in the next few days: formally, the bank will be for a period – until the completion of the recapitalisation – out from the parameters of the Supervision. As he had no way to tell the ceo Jean-Pierre Mustier, “the increase is going well” with regard to the surveys, preparatory, but Unicredit stresses as a warning that – if the operation should only be completed partially, would take the stop, dividends, payments in respect of instruments “Additional tier 1″, and the bonus of the manager.

by Mentioning, the analysis carried out by the Ecb on the group (in the context of the activity known as Srep), Unicredit remember that Frankfurt am main has “highlighted the persistence of a level of profitability that is weak, due both to macroeconomic factors, both factors specific to the Issuer, represented by low interest rates and the economic recovery may slow in key Countries, a high level of net adjustments to loans in Italy, and a high level of operating costs in Austria and Germany”. He also asked to “submit, by 28 February 2017 a strategy of non-performing loans, supported by an operational plan to deal with the issue of the high level of non-performing loans”.

As to the strategy of the sales, made to strengthen the assets, the reverse of the medal you see on the perspectives of the margins: “the effect on The intermediation margin and the result of the management of the Group UniCredit is equal to Euro -1.860 million and € -948 million (compared to a brokerage margin for the first nine months of 2016 Euro 17.070 million and an operating profit for the first nine months of 2016 of € 7.263 million), mainly attributable to the disposal of the Group Pioneer Investments, as well as the sale of a stake in Bank Pekao”. The intermediation margin is still expected growth from the plan, even if in “measure”, at 0.6% on average per annum.

Topics:

Unicredit

Piazza Affari

Italian banks

banks

Starring:

Volkswagen strongest of the scandals: the primacy can invest in the future – The Republic

planned for a few weeks, but now there is the official confirmation: Volkswagen is the first car manufacturer in the world. In 2016, it has sold 10.3 million drive against 10.2 certificates this morning from Toyota. A year after the dieselgate and a year earlier than planned by Martin Winterkorn, the ceo then overwhelmed by the scandal of the american, the group of Wolksburg has crushed the competition, demonstrating that in Europe and in Asia, the effect on the sales of the story of the software-fixing was minimal.

The impact was heavier in the Usa, but has not affected much since in the new continent, the German manufacturer had not yet managed to break. The result is the world leadership thanks to the eleven brands of the group and the ability to keep away from the scandal of all the brands, except that of the mother house. Now Volkswagen promises to consolidate the primacy of investing in the cars of the future, the operation is undoubtedly easier if the sales allow you to make cash and to overcome at the same time, the challenges related to the costs of the new products and the fines imposed by the courts.

Topics:

Volkswagen

dieselgate

companies auto

Starring:

The governor of the bank of Italy to ModenaFiere: “reforms are essential” – ModenaToday

“Stability and reforms are essential elements for the development. There are no shortcuts, especially for a country burdened by a public debt that is so heavy and structural problems so persistent as our own”. And this is the warning of the governor of the Bank of Italy, Ignazio Visco, during the annual congress Assiom Forex, the association of financial operators gathered today in Modena. “Second thoughts, delays, resistance continues, the Visco – are not lacking in some sectors, including banking, but is likely to have an impact on the conditions of the market, nullifying the progress made during the long crisis from which, though slowly and with difficulty, we are leaving”.

“In Italy, the recovery continues, albeit gradually, helped by the improvement underway in the global economy and by the orientation expansionary monetary policy. The conditions for the overcoming of the difficulties are particularly serious and some of the banks are raised, thanks to the tools defined and the measures adopted by the authorities”.

“The consolidation of the recovery and the strengthening of the banking system continues, Visco – are phenomena connected; based on the confidence of businesses, of families and of the international markets in the ability of our country to continue the reform process initiated over the last few years.” According to the president of the Bank of Italy, “to avoid that the trust be affected, we must continue with determination on the road not taken: improving the efficiency of the State, the wider public sector in legislative activity at the administrative level, in the provision of services to the citizens; creating – and concludes Visco – an environment favourable to business activities; promoting research and innovation”.

(SAY)

Government ready to clash with the Eu: “No maneuver if you vote in June” – The Republic

ITALY is contemplating whether to challenge the Europe and the markets, does not make the corrective measures to 3.4 billion subject to an infringement procedure for non-compliance with the debt rule.

With this in mind, Pier Carlo Padoan landed yesterday in Brussels to take part in the Eurogroup, the table of the Finance ministers of the single currency. If concealed, the government is with the Commission for putting in the effort and lengthen the time of the intervention, in the not always easy relationship between Nazareth, Palazzo Chigi and the Treasury, however, is emerging the possibility to blow up the table and not take action on the accounts. And maybe set up a campaign on the No to Europe, and several billions of dollars to spend once you have broken the parameters of the Eu. Especially if the elections will be held in June.
Publicly yesterday, was tense. In the morning, the european Commission has confirmed to have received the letter with which Gentiloni called for a reduction of at least a billion for the earthquake, but the commissioner for economic Affairs, Pierre Moscovici, responded by recalling that the new expenditure for the earthquake “do not enter into the discussion in progress” on the corrective action, but is ready to examine them in another context. And yet, on the adjustment of the accounts required by Brussels, “we are waiting for a precise answer”. How to say, not the letter with which the premier has asked for flexibility for the earthquake, but clear commitments. Padoan has ensured that the response to Brussels will arrive on time, i.e. by the first of February. If the technical intervention of Moscovici is not a wrinkle – the fix from 3.4 billion needs to be structural while the cost of the earthquake, are one-time – politically, the output of the French sends him on a rampage Rome. From the Nazarene Matteo Renzi is responding, the chairman of the Pd Matteo Orfini: “The words of Moscovici are staggering, while we are still mourning the dead of Rigopiano hear arguments own of bureaucracy is unacceptable and offensive”. In the evening, the French try to dissolve, remembering that Brussels “is completely on the side of Italy.”

The situation is complex. The government asks for time until mid-April, that is, to intervene with the Def. Also, try to tick the ok to put his hand to the accounts with a mix of measures, structural and non-structural (Brussels asks for all with a permanent effect) and try to decrease the scope of the intervention pushing on the expense of the new earthquake and asking Brussels the go-ahead to correct the accounts only of 0.16% to “round up politically” to the 0.2% of Gdp, or ordered by the Commission (€700 million savings). After you have received the letter of Gentiloni, the president of the Commission, Jean-Claude Juncker, has made it known to the premier is ready to help Italy, but the climate inside his team is not the best, with the commissioners, mps, led by vice-president Katainen and Dombrovskis, who push themselves to be inflexible and demand a immediate infringement procedure if Rome does not act quickly. The Eurogroup now is not particularly well-dispose d toward the government. Italy last year received a 19 billion flexibility on the restructuring of the accounts, this year has collected other 7, but the Eu – that has stretched the rules to the maximum – calling for a minimum intervention of 3.4 billion, the structural deficit so that the debt, which hovers somewhere around 133% of Gdp, is beginning to decrease.

However yesterday the men of the Treasury in Brussels, emphasized that after the ruling of the council on the Italicum “the political situation leaves open all of the scenarios because no secretary of the party in the event of a vote to close would approve a corrective action”. Therefore, they added, “all the assumptions are now on the table, also not to make the maneuver and suffer an european procedure”.

the secretary of The Pd, Matteo Renzi, is contrary to any intervention on the accounts in the electoral campaign, and with several of the ministers, and Carlo Calenda, pushes to blow up the table with Europe. Gentiloni is more cautious, so much so that yesterday Palazzo Chigi emphasized that “the decision not to make the maneuver at the moment there is not.” The Treasury, however, is prepared for every scenario, even the worst one, or to a commissioner european and studies the effects of the procedure on the spread. In a few words, if save 3.4 billion for manoeuvre, then it doesn’t cost the double on the markets of a Country that lives in a year of political uncertainty, without even the a in the ratings and with the “quantitative easing” of the Ecb in the phase reduction. Even if they acknowledge the technicians of the government, “the decision will be political” and not audit.

If the stiffening of the Italian aims to force the hand to Brussels, at the same time is a possible outcome if the vote will be tight, and the Eu will not make significant discounts. So much so, that in these hours is discussed, if not to respond precisely to the request of Brussels and the launch of a policy strongly expansive, which could bring growth and consent. More likely that Roma choose to reassure the Eu and to then skip the table below. Treasure cut short: “Padoan, Gentiloni and Renzi, speaking in the next few days and take a decision.”

Padoan is preparing the measures and wait for the premier – The Sun 24 Hours

ROME

On a technical level, the range of possible solutions to implement the adjustment from 3.4 billion of our public accounts asked by the european commission is ready, and it focuses especially on the revenue side. The hypothesis investigated in these days range from an extension of the reverse charge (from the bargain, however, in Brussels, shows the rejection of the 2015 on the extension of the reverse charge to the large-scale distribution) up to a mini-remodeling of the Vat, by activating a portion of the safeguard clauses suspended until the end of the year by the budget law. Will result in an increase in earnings, the reopening of the dossier the lord of the “tax expenditures”, i.e. the jungle of tax deductions by streamlining, while on the column of costs is more complicated to hypothesize measures with immediate effect.

lacking, however, is the political decision, without which the work on hypothesis remains academic. To call it will be between today and tomorrow, a summit between the premier Paolo Gentiloni and the minister of the Economy Pier Carlo Padoan, in view of the letter with the Italian response to be sent to Brussels by Wednesday. The tenant of Palazzo Chigi, and that of the Economy starting from a common goal, which is to avoid an infringement procedure, which could cost more than the correction requested by the Eu: a cost in terms first of all of the interest on the public debt, which has recently lost the last “A” in the rating, Dbrs and felt a growing pressure towards a progressive exit from the shield of the Ecb. In addition to the Scylla of the infringement, the Eu should be avoided the Charybdis of a maneuver “depressive” put some wedge further growth, which remains fragile.

Just to be able to take this narrow path, Rome points to “an interpretation, intelligent and favourable to the growth of our rules”, as explained by Gentiloni from Lisbon. In practice, in the new controversy on the decimals would be to limit the european account, maybe dimezzandolo to a single decimal of Gdp, which would be more manageable without intervention, too heavy, and to widen a little time. In this perspective, the construction of the measures may reopen in the stage of Def., to April, when you will give shape to the objectives for the next year and, if needed, to advance from the start already in 2017.

The solution of the new pulls, and the spring on the decimals, however, must also deal with the uncertainties of the policy; the european, where the views of hawks and doves on the committee must still be defined, but also of the Italian one, which is heated by the winds of election after the constitutional decision on the Italicum (yesterday, the secretary of the Pd Matteo Renzi is back to criticizing the “letters” which shows that “in Europe broke something”). From this point of view, some questions began to be raised also on the route of an eventual corrective action in Parliament, where no one is anxious to get closer to the vote) by voting in measures that would raise even just a little fiscal pressure. Yesterday, for example, the minister of agriculture Maurizio Martina said he was “absolutely contrary” to the hypothesis of an increase in the Vat, and also an intervention on the tax breaks, including those more niche, could meet a similar fate.

On the expenditure side, some results can you expect from the first application of the reform of the budget, which this year requires all the ministries to attend the appointment with the maneuver after you put it in black and white a real budget. But the timing of this path seem too relaxed for the european calendar.

gianni.trovati@ilsole24ore.com

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“The reforms forward, no shortcuts” – The Sun 24 Hours

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Understanding-General: to the bankers of the Forex would be a turning point for the Italy – Il Sole 24 Ore

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Purpose of the processing of personal data

The data you provide to post a comment will be limited to the name and e-mail. The data are required in order to authorize the publication of the comment and will not be published with the comment, unless explicit indication to the user. The Sun 24 HOURS we reserve the right to detect and store the identification data, the date, time and IP address of the computer that published the comments in order to deliver them, upon request, to the competent authorities. Any further dissemination of personal details ’the user and those detectable by the comments posted must be understood directly attributed to the same user initiative, no other hypothesis of transmission or distribution of the same is, therefore, provided.

All the rights of exploitation provided for by law no. 633/1941 on the texts She has designed and developed and sent to us for publication, are You exclusively and definitively to our society, and which therefore have every right to use these texts, including – without limitation – the right to reproduce, publish, and disseminate through the press and/or with any other kind of support or medium and in any form or manner, even if not presently existing, and on its means, as well as to disclose to third parties any such rights, without consideration in Its favor.

Visco: the bottom 20 billion enough for the Mps and other cases – The Sun 24 Hours

MODENA – The strengthening of global growth continues, and could be strengthened, but there is also the risk that new protectionist measures could trigger global trade. While continuing the growth of Italy, which remains anchored to a projection of a point of Gdp a year in the three-year period 2017-2019, if the global expansion is not interrupted, and if the path of structural reforms will not be abandoned. This is the first message that arrives from the governor of the Bank of Italy, Ignazio Visco, in his speech at the 23rd congress Assiom Forex course in Modena.

“The improvement in the macroeconomic framework and financial presupposes in particular – has told the governor – that would not stop the reform process initiated in recent years. The consequences of the uncertainty about the determinations policies in the pursuit of an indispensable strategy of modernisation should not be underestimated”.

"The improvement in the macroeconomic framework and financial presupposes in particular that you do not stop the reform process initiated in the last years"

Ignazio Visco, the governor of the Bank of Italy

Also why is the yield differential between ten-year Btp and the corresponding German title is about “fifty basis points higher than the average value observed in the first part of 2016 and it widened the gap with Spain”.

The governor, who is entered in the last year of its mandate, has dedicated a large part of his report to the problems of the banking system, starting once again from the data of the sufferings. Impaired loans recognized in the balance sheet of the banks, net of adjustments, it was in June of 191 bn, 10.4% of total loans, noted Visco. By adding adjustments “you get to 356 billion of bad loans” this refers, however, to the face value of the loans and not their actual impact on the financial statements. Of these 191 bn net non-performing loans amounted to $ 88 billion, while the remaining 103 billion deal with situations for which, with an improvement in the economic prospects of a return to normality of the payments are more favourable.

Visco Forex: for the 2017-2019 growth to 1%, but there are also risks

Visco recalled that in the decade 2006-2015 the recovery rates of Npls have been 43%, despite many differences between the different banks. This rate is reduced to 35% in average in the two-year period 2014-2015, because of the “sales block” on the market to specialized investors for which in the decade considered, the average rate of recovery was 23%, compared to 47% for the positions closed in the ordinary way.

According to Visco, many of the measures adopted for a solution to the problem of non-performing loans are going in the right direction even if “it is still early to see the fruits as the effects are strongest in the new sufferings”. In particular, he stressed that an acceleration of the recovery procedures may derive from the portal of the public sales, by the automated register of pledges not owners, by the new enforcement procedures in bankruptcy, or by the extension of the "pact marciano" to consumers. And further improvements, he added, “can be achieved by increasing the specialisation of judges, workers in matters of insolvency”. While on the european front “, an important contribution could come from the adoption of a regulatory measure that will eliminate or reduce the disincentives to the sale of loans deteriorated for the banks that adopt the internal models and advanced risk assessment”.

"Stability and reforms are essential elements for the development"

Ignazio Visco, the governor of the Bank of Italy

To the Governor the decree of the “save the savings” constitutes “an important step in the exit path from the crisis that has hit the economy and the Italian banks and the entry of public resources in the Monte dei Paschi “will absorb approximately one-third of the 20 billion allocated by the Government”. Remain, therefore, “is space more than sufficient to meet the need of recapitalisation of the banks for which the conditions laid down by decree”.

The consolidation of the recovery and the strengthening of the credit system “are interconnected”, concluded the governor, stressing once again and with emphasis that “stability and reforms are essential elements for the development”. There are no shortcuts – were the last words of his speech, “especially in a country burdened by a public debt that is so heavy and structural problems so persistent”. “Second thoughts, delays, resistances – which are not lacking in some sectors including banking – at risk of have an impact on the conditions of the market, nullifying the progress made during the long crisis from which, albeit slowly and with effort, we’re leaving”.

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The reform of Popular banks, the governor of the bank of Italy defends the indefensible – The Fact Daily

"the end justifies The means". The arch-Italian Ignazio Visco, governor of Bank of Italy, at the end dust off Machiavelli and claim their actions in spite of the rejection of the Council of State, which in December suspended as a precautionary measure the circular issued by the National with the implementing rules for the transformation of popular banks in the spa and has suspended the term to the end of 2016 to launch such a transformation. The Council of State has referred to the Constitutional Court the reform, but in the suspension order, which had been censored, just the actions of the Bank of Italy, so much so that the insiders beli eve that the fate of the circular street of Via Nazionale is marked and that will be cancelled by the same Council of State as soon as you will come to the judgment on the merits and regardless of the pronunciation of the consultation on the reform, because the circular is an administrative act on which the Palazzo Spada, has full competence and full jurisdiction.

A harsh censorship to the circular regarding the suspension indefinitely of the right of withdrawal and the fact that it is attributed to the bank "the power to introduce exceptions to the provisions of the civil code and other standards of the law, thus giving life to a new form of delegificazione source negotiation". In other words, from when in here the administrative body of a bank may decide to suspend the rights of members in derogation from the provisions of the law? It is evident that the person who has written a circular construct that attaches to the banks of this immense power is suffering from megalomania and abuse of power. In fact, in the refer to the Refer to the reform of the popular banks, the Council of State emphasises that article 1 of the law assigns "to the Bank of Italy the power to regulate the mode of this exclusion [of the right of withdrawal, the ed], to the extent that such power is attri buted also in derogation to the rules of law". The point is that Via Nazionale is attributed to "a power of delegificazione in white, without any prior indication on the part of the legislator, of laws that can be waived". A rule written with the walk, which was followed by a circular, equally ill-written, that in addition to having improperly and unlawfully granted to the banks an enormous power, and unprecedented, also has a place of posts totally illegitimate which the prohibition to the shareholders to form a holding co-operative through which to continue to exercise control over the bank transformed into a spa. A ban, says the Council of State in its order – "no legislative basis" and "beyond that necessary to achieve the purposes of the reform, [is] a harbinger of a unreasonable disparity of treatment among the members of the former popular (deprived of the ability to exercise control) and any other entity that p articipates in the capital stock (which, instead, that possibility is recognized)".

Despite the heaviness of this censure, by the supreme body of administrative justice, before the audience of Forex Visco defends the indefensible ("the limitation of the refund in case of withdrawal aims to protect the integrity of the capital levels and is inspired by the european rules"). And, as said, is the supreme end (to facilitate "the strengthening of the balance sheet of the affected banks" and help "improve the governance"), in an attempt to justify the inadequacy and sloppiness with which the law and the circular of the implementation have been written. The risk that the reform might be rejected under the profile of the constitutionality, it seems not to concern the governor, who claims: "the reform of popular banks, which pursues objectives of efficiency, transparency and stability, has been largely implemented: eight out of ten of those with assets exceeding 8 billion have been transform ed into joint-stock company. The aggregation of the two of them gave rise to a banking group of significant size". It doesn’t matter that they have been badly trampled on the rights of shareholders and also probably different rules in the constitution. It does not matter that the members of one of the two banks that have "given rise to a banking group of significant size," they may have the challenged resolution of the transformation in spa and that there is also an investigation of the judiciary, which assumes various offences, including theagiotage. Little matter of the damage caused: what counts, to Visco, you have done what you had code to do with the security of remaining unpunished and even to claim from the top of his pedestal for their action. Chapeau!

Patuelli: Visco has swept away many of the common-places – Milano Finanza

the message of The governor of the Bank of Italy, Ignazio Visco, has been met by all the bankers gathered at the fiera di Modena on the occasion of the 23rd edition of the Assiom Forex.

In particular, the president of Abi, Antonio Patuelli, speaking to the microphones of Class Cnbc, has called the governor “a message of rationality to strengthen the recovery of our Country. I very much appreciated the references that clarify and shed light on some of the places common, too prevalent. In particular, I appreciated when he said that if in Italy the time the recovery of the loans were in line with those of other european Countries, the impact of the npl would be reduced to about half. I also enjoyed that the governor has said that detect the Npl is a duty on the part of all banks. In these years of the crisis, banks have nearly doubled their capital ratios and continue to do so. It seems to me a relevant element. Finally, I appreciated that the governor has pointed out how the public intervention in the Italian banking system is always much more limited compared to other european Countries”.

on the intervention of the State, remarked Alessandro Falciai, chairman of Banca Mps . “I was pleased that Visco has emphasized the fact that the intervention of the State in the bank is temporary. The industrial plan we are drafting, will be presented in the next few weeks and then will start the comparison with Europe. Never ever the liquidity of the deposits of our clients was at risk. There has been a hemorrhage, but have never been at risk. The bank has finished the phase of turbulence and uncertainty. The resumption of trading in Borsa Italiana the will decide the Consob and Borsa Italiana; I think it will still take a few weeks. The future is absolute peace because now the bank is in safety.”

Among the bankers who have commented on the words d Visco, Giuseppe Castagna, Tour/Bpm . “I very much enjoyed the passage on the “Loss Given Default”. This is the first time that such an argument is inserted in a report of the bank of Italy. I agree on the need not to brand all over the world to the theme of the Npl with a magic number, but each bank has its own specificity. For too many years we worked on the emergencies, and no bank was ready to cope with the amount of suffering that hit on the budget.”

For Alessandro Vandelli, ceo of Bper , “in the many discussions I had with members, we have reflected on the paradox that with the sale of sufferings, it is then necessary to put more capital. For the first time the bank of Italy tells us that the opposite of suffering, it is necessary to analyze the situations case by case. We hope that in 2017 there is put behind these issues. The theme of the doors, remains central. We are all called to reinvent the way we relate with customers”.

Finally, appreciations are also coming from the Borsa Italiana, Raffaele Jerusalmi. “That Visco was a call of urgency and speed. There is a strong call to be quick to interpret the actions to be taken to resolve the issues. Last year on the banks brought a real tsunami, at the european level and Italian, which has contributed to the decline is very significant in the Ftse Mib index. I believe that resolved the urgent situations on the banking sector, now the situation has improved. 2017 will be, we hope, a positive year.