If it is not total war close enough. The comparison between the EU and the Italian government is not about now just one area. There are three fronts on which the guns are aimed at each other: banks, Ilva and the Italian deficit. Are the three games that will direct the future relations between the government of Renzi and the European Commission. Between the prime minister and Merkel. The red line between Brussels and Rome is therefore suddenly became incandescent. And in recent days reports are even worse.
The Commission’s letter – “We believe there is no contradiction between the provisions” for the resolution of banks and that for the protection of deposits. Thus the letter of EU Commissioners Hill and Vestager Minister Padoan, that the use of the guarantee fund of deposits fall under the heading of state aid and triggers the resolution.
“If one member state opts for the scheme of deposit protection to recapitalize a bank “then” is subject to the EU rules on state aid. ” So “if the evaluation leads to the conclusion that the use of this scheme is State aid, triggered the resolution she Directive Brrd”. Conversely if it is “a purely private action” does not take a resolution. So the EU letter.
“The intervention of guarantee schemes required” imposed by the state to the banks in the past have “been considered state aid”, while ” if other banks decide for themselves to act in a fully private mechanism, this is beyond the scope of the EU control of state aid. ” This was specified by the EU Commission on the letter of Commissioners Vestager and Hill. The fund protection interbank deposits Italian, with the state that requires banks to contribute, in part as state aid.
The “contacts” on the rescue of banks 4 between Brussels and Rome “began in May,” and “cooperation between our services has been constructive, and we would like to express our appreciation.” So EU Commissioners Hill and Vestager in the letter to the minister Padoan, explaining that their intention “during this process” was to “provide guidance and support to the Italian authorities to find pragmatic solutions quickly and correct.”
The letter of Commissioners Hill and Vestager “explains that apply the EU rules on state aid and the directive on bank resolution” and the use of the mandatory deposit guarantee is no exception. “So the clarifications of the EU Commission, pointing out that “there is also a simple logic underlying” to the letter: “public support should only come as a last resort”, otherwise the EU rules that protect taxpayers “could be easily circumvented.”
The EU rejected the rescue of a fifth bank, Bank of Teramo, Tercas. What that shows, according to sources of the MEF, the goodness of the choices on the other four.
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