– “If a Member State opts for the deposit guarantee fund to recapitalize a bank” then “is subject to EU rules on the aid Status “. And ‘what we read in the letter, dated November 19, addressed to the Minister Pier Carlo Padoan by EU Commissioners Hill and Vestager. The document raised strong objections to the use of the Interbank Deposit Protection Fund of Banca Etruria, Banca Marche, CariChieti and CariFerrara .
“No contradiction-protection directives deposits” – As stated in the letter, the two commissioners believe “there is no contradiction between the provisions” for the resolution of banks and that the protection of deposits. “While respecting the fact that it is for the Italian authorities to determine the approach and methods – in addition – it is clear that the Commission would always be in favor of private or market-based solutions, where possible, and of course this is reflected in the rules applicable”.
“In contact since May with Italy” – The “contacts” on the rescue of the four banks between Brussels and Rome “began in May” and “cooperation between our services has been constructive, and we would like to express our appreciation, “continued Hill and Vestager, explaining that their intention” during this process “was to” provide guidance and support to the Italian authorities to find pragmatic solutions quickly and correct. “
The clarification of the EU: “State aid last resort” – The letter of EU Commissioners “explains that apply the EU rules on state aid and the directive on bank resolution “and the use of the mandatory deposit guarantee is no exception.” So the details of the EU Commission, pointing out that “there is also a simple logic underlying” to the letter: “Public support should only come as a last resort”, otherwise the EU rules that protect taxpayers “could be easily circumvented.”
“Guarantee schemes are required state aid” – The intervention of guarantee schemes required “imposed by the State banks are in the past” were considered state aid “, while” if other banks decide for themselves to act in a fully private mechanism, this is beyond the scope of the EU state aid control “, then states the EU Commission. The Fund interbank deposits Italian protection, with the state that imposes banks to contribute, in part as state aid.
EU rejects bailout Tercas – Aid Tercas fund interbank “State aid incompatible”. This is the conclusion survey of the EU Commission, that 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.
MEF: Tercas case shows good choice Italy – The EU decision on Tercas explains that the fund interbank “is state aid and implies the resolution of the bank helped. This responds to the controversy of those who said that the Italian government could have chosen to recapitalize the fund interbank other 4 banks saved “. The sources point out the MEF.
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