Aid Tercas fund interbank ‘state aid incompatible. ” This is the conclusion of the investigation of the European Commission, according to which the Fidt “acted on behalf of the Italian state.” Italy also failed to submit a restructuring plan. Well now the intention of the private banks to act voluntarily.
The surgery in July 2014 Interbank Deposit Protection Fund from 300 million euro to promote the purchase by Banca Popolare di Bari, It was carried out ‘on behalf of the Italian State. ” This, incidentally, has never been notified to Brussels, which opened an investigation last February. The absence of a restructuring plan ‘has prevented the Commission to consider whether it was possible to restore the profitability? long term “of Tercas” despite any efforts made by Banca Popolare di Bari after his capture. ” Moreover, “although at the time the participation of shareholders in the property? of Tercas was totally cleared, the subordinated creditors, contrary to what is required by the principles of burden-sharing, they have contributed the least to the costs of restructuring. ” Finally, “were not implemented measures that would sufficiently limited the distortion of competition caused by the aid.”
Now, however, Brussels’ Welcomes the fact that private banks are considering the possibility? to support voluntarily Tercas. ” Meanwhile, in fact, the FITD has asked its members whether they would agree to voluntarily support the Tercas: for the Commission, “if individuals agree to support banks in difficulty? according to their objectives and using their funds, without a warrant of the State, there is no question relating to state aid. ” “The EU rules on state aid, which set strict limits for the provision of support to banks in trouble ?, protect taxpayers and ensure a level playing field. All Member States are required to respect them, “said EU Competition Commissioner Margrethe Vestager. Who stressed: “Nothing prevents other banks to make available own funds in such cases, deciding on a voluntary basis and without any interference by the State, and are pleased that they are considering the possibility? to intervene on behalf of Tercas. ” In any case, the Commission points out, depositors continue to be protected.
The rejection of the EU to the rescue of Tercas, then detected by the Popular Bari, by the Interbank Deposit Protection Fund, “will have no no negative consequence “because” is ready intervention of a voluntary fund of the banking system “that will put the resources Tercas must return. This was announced by the Treasury in a statement.
The European Commission says the MEF, he has taken today its decision on the intervention of support provided, in 2014, by the Interbank Fund for Deposit Protection (FITD) in favor of Tercas in the acquisition of this part of the Banca Popolare di Bari. Following a detailed investigation, the Commission concluded that such intervention constitutes State aid incompatible with the European rules. The European Commission, changing its orientation, has evened the intervention FITD a measure of public support. In fact, the European Commission considered, despite the FITD consists of private resources, that its actions are attributable to the Italian State because of ex post by the Bank of Italy of the decisions to place them and of the obligatory ‘adherence to the Fund. In order for the intervention of the Fund, qualified as State aid, could be considered compatible with the European rules would have required the provision of containment measures of the distortion of competition, including, in particular, the burden sharing by holders of subordinated bonds (so-called burden-sharing). The FITD, also at the suggestion and initiative of the Ministry of Economy and Finance, established a mechanism completely voluntary, with separate management from the one with which decisions are made to protect depositors, and financed with resources other than compulsory contributions. The voluntary scheme, by definition not subject to the restrictions applied to state aid, will replicate the previous intervention, returning to Tercas the full amount of resources that this will have to demote FITD running of the Commission decision. The operation of the mechanism will ensure full continuity of financial and operational Tercas, neutralizing the negative consequences of the decision of the European Commission.
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