Milan – Aid Tercas Fund interbank “State aid incompatible”. This is the conclusion of the investigation of the European Commission, according to which the Interbank Deposit Protection Fund “has acted on behalf of the Italian state.” The news was so obvious that Tercas awaiting the official rejection of the first rescue took place breaking European rules prepared in the meantime an alternative route. The operation of the banking system to support Tercas was converted from voluntary to mandatory and Popolare di Bari has repaid 55 million of subordinated bonds Tercas, defusing a possible second case of savers “cheated”. The EU held the first speech irregular, because banks are forced by law to pay the money to fund Interbank if those funds instead of being made mandatory by law become volunteers, there is no longer any state intervention. Today over 95% of the banks that have joined the first intervention in favor of Tercas have transformed the funding from mandatory to voluntary, unlike the first scheme in accordance with the provisions of the European Union, but that could not be definitive without rejection first official intervention from Brussels. Situation that today has finally been unlocked. To rejoice in the first are the customers of the Bank of Teramo that subscribed EUR 55 million of subordinated notes, the same ones that have left bankrupt customers of four banks (Etruria, Ferrara Chieti and Marche) finished in restructuring. The government has ridden suffered politically the decision of the EU on Tercas to respond to those who had supported the use of the Interbank Fund to save the four troubled banks. “The EU decision on Tercas explains that the fund interbank state aid and means” 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” , point out sources of MEF. “To Tercas no negative consequence because it is already ready intervention of a voluntary fund of the banking system?” reads the statement from the Treasury. He explains: “The European Commission 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 connection with the acquisition of this part 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 equalized 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 Italy of the decisions to place them and the obligatory accession 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 distortion of competition, including, in particular, the burden-sharing by the holders of subordinated bonds (cd burden sharing).
The FITD, also at the suggestion and initiative of the Ministry of Economy and Finance, it established a mechanism completely voluntary, with separate management from the one with which decisions are made to protection of 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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