"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!
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