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This article was published September 11, 2015 at 6:38.
The last change is the 11 September 2015 at 07:41.
“It was a wonderful visit to Rome, not only because it is always nice to be in this city but because in all seven meetings with the ministers, the governor of the Bank of Italy and with the two committees that deal with competition I had the opportunity to view a “hands on” and I found a lot of progress on land reform ».
Do not skimp encouragement and positive feedback on the work of policy makers Italian European Commissioner Margrethe Vestager, at the end of his official visit. But when asked if we can expect later this year a green light from Brussels over the vehicle for non-performing loans of Italian banks, Vestager engage low gear: “It is still discussing, I hope that we can proceed quickly but, unfortunately, I can not make predictions on a date “to close the game. As you know, the IMF has repeatedly advised the Italian government to adopt a market solution to alleviate the weight of bad loans, which prevents banks to better support the economy and investment.
However, the current Commission has so far been closely linked to a rigid interpretation of the definition of “state aid” and the dialogue between our country and the technical offices in Brussels has gone on for many months. Generally, in a situation like the Italian second Vestager “the best thing would be to focus on a company’s asset management, with or without state aid. If there were public support, there would be consequences for the banks involved. ” If there were no state aid (that is the solution openly favored by Commissioner), the point would be made difficult to dissolve the question of the definition of price in the transfer of impaired assets from banks receiving the bad bank. Even “in setting the price, what worries us is whether there is an element of public aid. I think in any case – said yesterday at the press conference, which took place after the meetings with the Minister of Economy, Pier Carlo Padoan and with the governor of the Bank of Italy, Ignazio Visco – it is very important to create an asset management company without State aid, making sure that the pricing mechanism is “fair”, appropriate, and that it is able to operate the secondary market for loans deteriorated. We have to remember that there have been other cases in which the market, then, is not party “.For this, he said, the European Commission is carrying out” intense discussions “with the Italian authorities on how to proceed. “With the commitment of my services – we have added Vestager anyway – I hope we can move forward as fast as possible, but I can not make predictions on a date.”
Previously, during a hearing at united Commissions of the House and Senate he had however made it clear that “it is up to Italy choose the mode. We do our best to give advice and information, because the moment of creation of a bad bank that would give advantages to certain banks, would arise the need for restructuring. It is a choice to be decided. There are different experiences in different states. We dialogue with the Italian authorities, but of course, it’s up to them to decide which is the choice down ‘right’. “Each country – he added – must find its own solution as the substandard loans may not have been paid to the same sector in all states. In Italian – he noted – there was a deep crisis and non-performing loans are very scattered among the various economic sectors, which complicates the situation. ” Treasury, in any case, it is an overall satisfied of the meeting that took place yesterday: “We assessed positively the progress on the different files shared between the two institutions – is to know via Venti September- and, in particular, those relating to the management of non-performing loans, the transposition of the Directive on the recovery and resolution of banks and, in general, to the management of banking crises and the role that they can have the Deposit Guarantee Fund. ” And also in the Bank of Italy we are talking about “positive and constructive interaction.”
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