The EU rejected the rescue Tercas but can now start the “Plan B” – The Center

Teramo. The rejection was expected and yesterday it arrived on time: the European Union has said no to the rescue of Tercas through the Interbank Deposit Protection Fund in July last intervened massively pouring about 300 million euro. Are state aid ruled Competition Commissioner Margrethe Vestager , but the Tercas has a parachute on his back. Indeed, although it may seem paradoxical, the rejection by Europe gives green light to the operation of rescue-bis initiated by member banks to the Fund a few weeks ago: the creation of a parallel fund on a voluntary basis, through which refinance the Tercas, whose intervention can not be equated with State aid. A procedure which can now be completed, since the voluntary scheme, as explained by the president FITD Salvatore Maccarone , has joined a number of banks that represents almost all of the deposits protected.

The fund or scheme, volunteer is appreciated by the same Commissioner as that in the same letter in which rejects the intervention FITD says: “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 whether to intervene in favor of Tercas. ”

There should be no consequences, therefore, it takes care to clarify the Banca Popolare di Bari, the only shareholder of the bank Teramo and Banca Caripe. “The saving path of Tercas and Banca Caripe by the Banca Popolare di Bari marks another important step, following the adoption, today, of waiting negative decision of the European Commission on Intervention Fund Interbank Deposit Protection of 2014 and the corresponding definition of the new intervention of support from FITD. That decision, in sanctioning the intervention FITD incompatibility with European law on competition, requires Tercas to return the Interbank Fund the amount of support at the time received to cover losses incurred from management commissioner. In order to indemnify Tercas from the consequences of the decision of the EU Commission, the Interbank Deposit Protection Fund has made a voluntary scheme of intervention, separate and independent from that place to mandatory deposit protection. The voluntary scheme has joined almost all the Italian banking system, representing more than 98% of total deposits protected. Through the voluntary scheme, the FITD in the coming weeks a new intervention in favor of Tercas, realizing a substantial correspondence of effects than the original intervention, despite the diversity of legal schemes. ”

The voluntary scheme in this initial phase, will be powered with a single entry: 300 million paid last year by FITD that Tercas must return. Those same money will be shot back to Tercas, but this time it will be compulsory from the bottom but from the one for which the volunteer rescue-bis will be in compliance with the EU directives.

But now comes the problem of the deductibility of the resources it will receive from voluntary fund. The stability law was introduced tax relief that applies to both those who pay for the receiver in the case of the four banks rescued by government decree, while for the Tercas applies only to those who pay. The funds that will receive the Popolare di Bari will become a component part of the income for the year in which you have to pay taxes, however, with an increase of a few tens of millions on the budget that does not raise concerns in the institute. BPB also reports that “will continue the work

the reorganization and revitalization of Tercas, already started,” with “targeted investments and strategic actions to resume normal operations and that allowed the return to the role of land bank through its support to businesses and families. “

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