conference euromoney
Milan , September 15, 2015 – 12:28
” We are aware that the introduction of bail-in instruments can have a impact on the funding costs of banks. Moreover, in placing their securities, banks must be more careful to respect the rules of investor protection, since customers will be asked to contribute to the cost of resolution. Customers must be provided comprehensive information on the characteristics of the different instruments, the most risky of which must be expressly reserved exclusively for institutional investors. ” So the governor of the Bank of Italy, Ignazio Visco, in his speech at the Euromoney conference in Milan, about the new system of bank rescue which will take effect from 1 January 2016, and which no longer provides for the intervention of the State, but the use of the resources of the bank and the involvement of shareholders and depositors over 100 thousand euro. “The only resolution mechanism and the directive on the resolution are ushering in a new framework for the management of banking crises – added Visco – an equally important role, they can play in crisis prevention, by promoting market discipline. Expanding non-bank sources of financing to businesses and households, the Capital Markets Union can further advancing European financial integration, promoting economic growth and financial stability. “
The “bad bank”
“The launch of an Asset Management Company (the so-called bad bank, ed), it will buy Npl banks would help kick-start the market for NPL, increasing transparency of the activities of banks and improve the conditions under which the banks collect the capital and funding, “said Visco. “The AMC would be different from similar vehicles made in high countries, where banks were in a state of crisis and were therefore obliged to participate. In Italy, the project aims to solvent banks, and participation must be voluntary. Secondly, unlike the previous cases, its configuration must be such that assets will be transferred at market prices. This rules out a transfer of losses from the banks to the state, which would trigger the consequences of European regulations aid Atato. These important differences increase the complexity of the scheme, the feasibility of which is still being studied and it is the goal of the interaction with the EU Commission. “
September 15, 2015 (modified September 15, 2015 | 12:47)
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