Where were the Bank of Italy and Consob when banks failed? – the newspaper

The savers who have invested in subordinate bonds of the four rescued banks knew the risks, “he said on 4 December, the chairman of Consob, Giuseppe Vegas waving the prospectus for a bond indicted. Where according to him he said everything, just read. As the “leaflets” medicine.Eppure of the upper floors of the European institutions did not think so. On the contrary. It will be for the irritation of buck party on Wednesday by the government Renzi in tandem with the Bank of Italy, but in Brussels yesterday tuonate are the words of Jonathan Hill, Commissioner for financial markets: “In the case of the four Italian banks, there are clear consequences for citizens who have found themselves in a situation where institutions were selling unsuitable products. ” A fancy way of saying that those bonds subordinates not to be sold to customers so-called retail or not expert. Hill added that the Italian Government is responsible for the decisions taken for the resolution of Banca Etruria, Banca Marche, Carife and Carichieti, noting that it is aware that “there have been consequences for many people very hard and difficult.” The fact remains that these banks’ selling unsuitable products to their customers, who probably did not know what they were buying. ” In short, the Italian case “refers to the need to provide investors with security conditions” in terms of transparency, valid information on the choices that each makes to the risks that may materialize. Why not be certain that the customer really understand what’s at stake, the trust remains a chimera.Quindi not enough to read the statement as saying Vegas? And who is responsible for the lack of “suitability” raised by the EU Commissioner? To answer the leader of Forza Italy, Renato Brunetta, has called for a parliamentary commission of inquiry to shed light on “what did the Bank of Italy, Consob what he did on the banking system, given the tragic results of this lack of vigilance ». Request supported by the Movement 5 Stars, from Civic Choice and also from Renzi.Nel meantime, let us consider just the written rules as it invokes the chairman of Consob. And we take a text that appears on the Commission’s website which contains the clarification of the ‘Communication on the distribution of complex financial products to retail customers. ” Where the Guarantor of the market underlines that “traders will pay close attention to the phases of distribution of subordinated bonds to customers at retail.” Operators that still should be checked in advance to avoid that certain products or risky instruments fall into the wrong hands. But any loopholes in supervision, rather than downstream of the sale should be looking for at the mountain. Or in the inspections that they have revealed instances of mismanagement. As in the case of the four sick all commissariate by Bank of Italy. And perhaps it is no coincidence, they point to the most malignant, that many tumors have broken out since they arrived sheriffs watch only the EU. Meanwhile, bankers ‘healthy’ people wonder whether they will still put your wallet after the nearly 4 billion dropped to save the four sick system. And how will you do in 2016 without too many mergers between Popular tags raised by the referees, after opening a confrontation with Brussels.