Failed banks, 30% of the repayments on the bonds – The Messenger

After the leaps forward of the Treasury Pier Carlo Padoan and his deputy Enrico Morando The government slows. The idea of ​​somehow compensate investors who bought bonds ‘subordinated’, the most risky of the four failed banks, with each passing day proves a rebus increasingly complex to unravel. As often happens, it was directly Matteo Renzi to dictate the new line. “We’ll try to find a solution,” the premier said, “but it’s not the easiest thing in the world thinking about how today the bank market in Europe.” But the protest savers mounts. This afternoon, in the House where we will start voting on the amendments “save-savers”, there is a manifestation of the customers of Etruria, CariFerrara, CariChiesti and Banca Marche, who have been off the value of their securities. The government’s intention remains to find a solution. Yesterday in the House, there was a meeting to figure out which. The final solution has not yet been found, but a way forward would be outlined. The starting point will be the amendment Pelillo. This proposal (see the Messenger of yesterday), provides a fund of 120 million euro to be allocated to the repayment of the subordinated notes. The money, however, should not be understood as a “compensation”, but would be an intervention of “solidarity”, intended only for those people who because of losses on bank bonds are likely to be in a situation of “poverty.” This step will be revised. Too complicated to establish who would be entitled and who does not. The government is in fact considering a universal intervention, which would cover part of the losses suffered by all savers and 130,000 subscribers to subordinated bonds, which lost an estimated 300 to 330 million euro. The fundamental point is money. The amendment Pelillo abode 120 million, 80 on banks and 40 borne by the Treasury. The figure will be lower, 100 million in all. Who should finance these resources are still being discussed. Padoan would like the Treasury does not erogasse more than 20 million, and the remaining 80 should be borne by banks. But it is likely that in the end you come to an agreement “fifty-fifty”, ie fifty million by the Government and fifty banks. Who will be eligible? The options should apply to all small savers, but with a ceiling at 50,000 Euros. They would not receive the full amount of the amounts lost, but only a figure of around 30%. All this, however, will not be decided today. This evening there will be a vote on the amendments concerning banks. Will be substantially all rejected, except a few that will “set aside” as the Pelillo, and which will be reviewed next week. Continue reading on newsstands
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 Sunday, December 6, 2015, 3:51

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