Yesterday, the newspapers continued the campaign of” information “against the way which the EU Commission has imposed on Italy the resolution of our four banks commissioner. It stands out above all the Courier , which today is virtually trance racing, as well as having turned into the letterbox of the Italian government. But this is neither serious nor unprecedented. What worries most is the megaphone to lend itself to national stakeholders, without even having made an effort to Fact checking .
The main point of contention is the same: the alleged double standards of the EU Commission in favor of Germany and against our country , which would be prevented from using a formal structure but falsely private law, which is the Interbank Fund for Deposit Protection, to rescue four banks commissariate . Intervention, according to the thesis Italian, would have avoided the bail-in of subordinated bondholders.
In support of the theory of a plot-German euro, our media have chosen to cite two cases obsessively recent European, HSH Nordbank in Germany and Banif Portugal . On the Courier also be able to read a very bold parallel between saving the Italian Tercas and to HSH. If Tercas, the EU had opened an infringement procedure against Italy, guilty of having used the Interbank Fund to cover the losses of the bank and facilitate the buyer, Banca Popolare di Bari . For this reason, the Fund has had to create a section “voluntary”, made up of banks “willing” outside the box of compulsory contributions, and they all lived happily ever after.
The point of the Commission EU is very simple: the intervention of the Italian Interbank Fund took place, in the words of the Italian government, to ensure “the stability of the banking system”, then clothed A IMS public , not private sector . According to European standards, this is unlawful state aid, or rather the intervention of a body / institution (even if operating under a formal privatization) for public purposes triggers the dispute resolution process, which involves the bail-in , that is the attack on the subordinated notes. What could ever azzeccarci the case of Tercas with HSH Nordbank escapes us completely.
Why, read my lips, HSH Nordbank was a public bank, it had its foundation in 2003, and has continued to be . Exact same goes for the Portuguese Banif, public two years. In both cases, the EU Commission has accepted the delivery of publicly funded preparatory to transfer to private banks ( public ) healed emerged from the procedure. It is not that public aid is prohibited always: this does not seem to be unclear to many in Italy. We also reiterate this: the bail-in is to prevent the bail-out , that is, to prevent taxpayers of a country to pay for bank failures. But if the failing bank is public , taxpayers pay anyway. Point. Let’s try a little drawing?
And that brings us to the second major strand of recriminations in newspapers and public opinion, promptly “informed”: the protection of savers . Courier and Messenger revived the “suggestion” from the MEF, according to which the Italian government would make public the letter of the European Commission on how to solve the four banks commissioner. Small opinion of the writer, but do it now! Because by that letter the Commission, and the counterarguments of the Italian government, the reality is clear: that our government has chosen to solve the four banks and ash subordinated bondholders, and he did it independently, after the Commission had “only “prohibited the use of the fund interbank.
What is this? That no prohibited the Italian Government to proceed with the bail-in of subordinated bondholders without irreversibly clear them immediately. For example, turning them into bank shareholders resolved, or making them participate in the possible recovery suffering more than the initial value of 17.6% transferred to the bad bank. They would still take coins, and only after many years? Maybe. But their zero without appeal appears to be exclusively the result of choices made by the Italian Government and not made on time the dictation of the EU, until documentary proof to the contrary. That’s why we hope that the letter of EU Commissioners to the Italian government will soon be made public. To avoid that in this country we spend the time to dabble in conspiracy and victimhood, because the world has conspired against us. But it is just the reality, just think ‘.
Update – Some euro-little hand burns on time the company rewarded Renzi-Padoan, and makes public the Commission’s letter. By reading it, no surprise: six months of dialogue, the stake of the Interbank Fund whose use triggers the resolution and bail-in, the EU’s preference for market-based solutions and that encourage individuals. Within these constraints, it is up to Italy the choice of instruments. And so it was, including zeroing without appeal of subordinated bondholders. Who’s mailbox lives by the mailbox perish.
(Photo: Palazzo Chigi / Flickr)
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