Is the fund ‘save-savers’ and arbitration for bondholders damaged – Blasting News

The Minister of Economy Padoan today officially unveiled in the Budget amendment that will give options to investors who lost their savings as a result of the decree of 22 November, which saved from bankruptcy Banca Marche, Banca Etruria, and CariChieti Ca.ri.Fe. The amendment not only provides for the establishment of a Solidarity Fund of about 120 million for investors holding subordinated notes but also introduces a procedure ‘ arbitration fast ‘. The choice towards protection of court, faster, is due to the model that was adopted in Spain to save some banks. Li ‘, following the arbitration procedure, investors have been compensated for the 15% of the losses, in part by the banks themselves, in part because banks liquidated by the respective funds liquidation.

Arbitration Consob to evaluate the damage suffered by bondholders

In Spain, in short, the bondholders have obtained ‘ disability of the bank contracts with which they had bought these financial products on the basis of evidence that themselves had lent a conscious assent for purchase. More specifically investors cheated, to receive protection, they had to establish infringement of reporting obligations from the banks and therefore the failure or partial prospettazione risks linked to bonds. So, once the referee ascertained the responsibility of the banks, giving name to the customer, in some cases it was the same bank to buy back the financial product at the same price as it had been purchase by the customer. Arbitration fast the Spanish could therefore constitute a pass for access to the solidarity fund or funds settlement made for repayments to creditors of 4 banks saved. The procedure, already tested in Spain, could be effectively applied even in Italy where there is already a suitable structure to handle arbitration, Consob precisely. We will only need an amendment to be included in the law of stability to make this operational structure. For its part, the European Commission expressed a positive opinion on the idea of ​​arbitration. The story of the 4 banks saved the center of attention of all the press and institutions such as Consob and Bank of Italy does not seem to move towards the end .

Commission d ‘ad hoc inquiry and statement in the prosecution of Pentastellati

In fact, while Padoan presented the amendment to set up the solidarity fund worth 120 million as a form of compensation for small investors defrauded, the premier Renzi calling for a Reform of the banking system as a whole. Hence the need also to set up a Commission of Inquiry Parliament, whose job will be to ensure the failure of the Bank of Italy and Consob supervision over the activities of banks saved and to establish clearly the responsibility of the vertices 4 banks involved. The input from both the Democratic Party is the party that Forza Italy. Civic Choice also presented his bill through which called for a bicameral committee considered more appropriate to evaluate our responsibility with respect to a single-chamber. The 5 Star Movement has announced a short presentation of a petition to the Prosecutor and the Court of Auditors, which points the finger at the Decree Law 183 of 2015.