Banks: Government, ‘Consob will not judge arbitration’. Almost 16 billion in unlisted shares, concerns over value – ANSA.it

It will not be the Consob to play the role of “judge” if it ever takes the idea of ​​individual arbitrations for refreshment of shareholders and bondholders of the four banks which you applied the Government Decree. It would be inconsistent, claiming that a “player” of the story can stand as a “judge” to decide the case.

There are nearly 16 billion euro in shares of banks, medium and small, unlisted markets regulations and difficult to exchange that could also lose a substantial part of their value in the coming months in addition to being subject to any in bail. And ‘what is obtained from the data processed by ANSA Consultique that take into account about 20 lenders.

The data, explain the company of independent analysts Consultique, taking into account the equity which is the First to answer for any losses or the new rules with earlier. The shares are not necessarily stocks ‘at risk’ because it depends precisely on the situation of the bank but in some cases are illiquid, or not readily tradable on the market as the stock market and were sold by the branch network to retail customers perhaps in exchange for concessions on loans, mortgages or commission costs. Scrolling down the list the first two places are the Veneto Banca Popolare Vicenza and who possess a wealth of respectively 3.7 and 2.9 billion EUR but that will, according to analysts, presumably a reduction in the value of the shares at the time of next IPO by some estimates up to 85%.

Note that the two also respectively 1.2 billion and 440 million of subordinated bonds. It should be considered that the titles of the two banks, as we have seen, have been subject to heavy revisions of their value such as the Popular Vicenza where actions have been revised from 62 to 48 euro to adapt to heavy interventions on budget with the emergence of non-performing loans. So a severe correction that will invest shareholders but which, according Consultique, does not come without warning. Still Vicenza saw ‘priced’ its shares 1.5 compared to equity in a ratio of 1 or below this threshold, the other major Italian banks. Values ​​so high with the aggravating circumstance that such shares could not be traded on the market. Immediately after the two Venetian is the Popolare di Bari 1.3 billion, institute grown a lot in recent years due to acquisitions but which were not detected anomalies details. More detached comes Cassa Risparmio Asti with 771 million and Banca Sella with 617 million, followed by the Cassa savings of Bolzano with 504 million. Closes the list Bank Credit People with 231 million.

The government’s objective is to seek “to safeguard all those citizens who have subscribed to shares and bonds in an unconscious way, that were not adequately informed. This is a very serious, that is precisely correct. ” This was stated by Minister of Infrastructure Graziano Delrio, today at the Leopolda, speaking of the story ‘rescue banks’. “The government – he added – as the minister said Padoan, will do everything to find ways to compensate these citizens.” “We welcome the fact that there is a commission of inquiry to find out who has failed to supervision, accountability, then we are not afraid to tell the truth, as always.” This was stated by Minister for Infrastructure Graziano Delrio responding to journalists at the Leopolda salvabanche on each other.

“The government intends to respond. We are preparing a provision that provides for the creation of a fund with a contribution of banks” . This was stated by Minister of Economy Pier Carlo Padoan , in the House Budget Committee.

The government “believes that it is possible to define an operation compatible with the European rules on State aid,” said Padoan, pointing out that the case of the 4 banks are “ongoing audits with the EU Commission.”

“It is conceivable that the four banks have sold subordinated bonds to individuals showing risk profile incompatible with the nature of these investment securities, but this is what should be proven by an analysis of each individual position “, explained the Minister of Economy.

7 years after the crisis,” the Italian banking system is still standing and has been strengthened in many of his points without using even one euro of those 1.1 trillion spent by others in Europe to save the banks, “he claimed Padoan. The project involving “the guarantee fund for depositors” not “was feasible by the new European framework. So the Bank of Italy initiated the dispute resolution process, preferable to liquidation,” which would have “disastrous consequences”.

“There was no bartering, it is totally wrong to think that there was some form of barter between flexibility” and decision to use the mechanism to settle to the bottom instead of the interbank for saving banks. This was stated by Minister of Economy Pier Carlo Padoan in the House.

Green light to the EU Court of arbritato to help victims of the crash of the 4 banks . The establishment of a court of arbitration to come to the aid to private investors victims of the crash of the four banks is an excellent idea, emphasize European sources waiting to Rome is made known officially as the solution the government intends to take.

The idea of ​​an arbitration with Consob, therefore, receives a favorable opinion from Brussels, it will be up to this whether you sell products fraudulent individuals. They then can take reimbursements from the bad bank. To achieve in the short term, the state can make a pre-financing to the bad bank, but these will have to return the money during the settlement process.

As for the possibility of humanitarian aid for the victims dle crash, the same European sources point out that the failure of a bank and any loss, for example, of a flat by bondholders who suffered losses can not be considered a humanitarian crisis such as those caused by floods or other disasters

Pressing Renzi: ‘Reform of the system is more urgent than ever’ – “The reform of the credit system is more urgent than ever, as we have seen not only in the last hour but in the last year with the reform the popular “. He says Prime Minister Matteo Renzi Accademia dei Lincei.

Visco: “The commitment and ‘maximum, did the best” – Issues related to the collapse of the banks” we consider them with a commitment and that ‘most, doing the best and we are sure to have made the best’ ‘. He said in Trieste the Governor of the Bank of Italy, Ignazio Visco, who added: “We will report on all the locations intended for such purposes, with all the wealth of detail required ”, he said.

The decree ‘salvabanche’ ” has stashed savings of about 1 million depositors and bondholders for a value of about 12 billion Euros ‘‘, to which are added jobs 6.-000 employees and 1,000 industries. So the Ministry of Economy explains the effect of the measure.