Crack banks, which is why they paid depositors – Stadio24.com

No clear diktat from Brussels, but a very firm which, if upheld, would open a long dispute between Italy and the Commission.

“The letter says that the EU rules on the State aid and the Directive on the resolution and healing of crisis bank (Brrd) apply in cases of use of public funds to support banks in distress “. This point was clarified by a spokesperson of the Community executive, referring to the letter that on November 19 last year had sent to the Minister Padoan.

The Interbank Deposit Protection Fund, overseen by the Bank of Italy, is a consortium established in 1987 to which all Italian banks (except for those of the credit cooperatives) are obliged to adhere. If you use schema Deposit Guarantee was not assessed as State aid, but as a “purely private action”, then it would be activated Brrd. Conversely if it is “a purely private action” does not take a resolution.

“If an assessment leads to the conclusion that the use of the system Deposit Guarantee is a help State “, the letter says, the resolution of the bank” will be activated under the Directive Brrd “, the Bank Recovery and Resolution directive, and then will apply the terms of this legislation, which defines’ extraordinary public financial support as State aid to maintain or restore liquidity and solvency of an institution ‘. The result is the solution for Banca Etruria , Banca Marche and the savings banks of Chieti and Ferrara which led to strong asset losses to savers and a sharp drop in confidence against the Italian banking system.

The document shows clearly the negative orientation of the technicians in Brussels to the solution found by the Italian government to save the four banks in their underwear without leaving the savers . The “simple basic logic” is that otherwise the “control State aid EU and the guarantees it provides to taxpayers and the competition could be easily circumvented.”

The defense of the Commission Renzi had expressed its intention to publish a letter to Brussels to show that, contrary to what was stated in recent weeks, was clearly opposed to the use of the Interbank Fund.

So this is a backstage because it has been used in a way the fund interbank (helping savers cheated), rather than in another (recapitalize banks involved).