– Clash distance between the Bank of Italy and the European Commission on the procedure adopted by the government to save the four banks on the brink of bankruptcy. “The decision to use the national fund for a resolution was taken by the Italian authorities”, he has said a spokesman for the EU, emphasizing that “if state funds are used to support the banks apply European standards including the burden sharing”.
exchange of accusations, Bank of Italy, “EU Stoppo project that would have saved investors” – After the wave of controversy raised by the measure taken to save Banca Marche, Etruria, and Carife Carichieti, Via Nazionale had intervened in the day to explain that the project to field the Interbank Fund for Deposit Protection, which would have avoided the sacrifice of many savers, was stopped by the EU Commission against his will.
The intervention of the Interbank Fund, has put clear the head of the Supervisory Carmelo Barbagallo front of a packed Finance Committee of the House, “it was not possible for foreclosure manifested by offices of the European Commission, we do not share.” Do not shared because the Bank of Italy was convinced that ” the intervention of the Fund, together with the resources of other banks, would allow him to put the preconditions for overcoming the crisis without any sacrifice for the creditors of the four banks. ”
However, Barbagallo has pointed out, “this was not possible” and then became “the choice less bloody” because if it came to January 1, 2016 would trigger the bail-in the situation would be “devastating”.
EU: “In Italy proposed three solutions, one would safeguard savers’ – But in Brussels a document of the Commission, however, revealed that Italy in mid-November were proposed three possible solutions, two of them would still go to hit the pockets of those who had subordinated bonds, and in the end, according to a spokesman for the Commission itself, however, were the Italian authorities to opt for the use of the Fund for a resolution.
Abi: “They could be safeguarded savers” – An indirect criticism of the decision of the Italian authorities also came by ABI. Not only by the director general Giovanni Sabatini, according to which according to the assessments of the association jurisprudential Protection Fund would be able to intervene, but also by President Antonio Patuelli which reassured bondholders of 4 institutions letting them know who will ultimately resort to Judge to enforce their rights.
Summits new banks cost 2.4 million per year – In Italy meanwhile the controversy around the rescue of the banks 4 looks set to be even more heated after it has spread the news that the leaders of the new Banca Marche, Etruria, and Carife Carichieti cost 2.4 million Euros. According to sources, in fact it amounted to an average of 600 thousand euro payments of a year for the Board and the audit committees of the 4 institutions saved by government decree. In sum also it includes the “salary” from EUR 400 thousand total of President Roberto Nicastro
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