ROME (WSI) – For Italian account holders , 2016 began with a fact: in the event of bankruptcy of their bank, who has an account with a sum of more than € 100,000 , will risk to take losses. After the scandal of the decree banks, with which the government Renzi has saved the skin of our teeth the four banks at risk crash Banca Marche, Banca Etruria, CariChieti, CariFerrara , but also on the streets throwing different investors, the entry into force in Italy in the bail comes at a time of confidence towards the Italian banks banchele lows.
So that the Codacons has already announced that is finalizing the collective redress to the TAR of Lazio, in order to cancel the implementation of legislation established on the top floors of Brussels, European Union laws, which calls the rescue of banks at risk crash no more taxpayers, but the same depositors. So it announced the Codacons President Carlo Rienzi through:
“All investors damaged by the rescue of Banca Etruria, Banca Marche, Carichieti and Carife can join by next January 11 for collective action to counter the law the bail-in, through the page published on the site Codaconswww.codacons.it. The aim is to bring the absurd law before the consultation and its annulment as manifestly unconstitutional “.
But how it will work in the bail?
In fact, in case of collapse of a financial institution, to throw a life jacket instead of the state will be, in order:
1) Shareholders
2) The holders of subordinated notes
3) The bondholders and other eligible liabilities
4) Exactly, account holders (both individuals and SMEs) who have deposits for a worth more than 100,000 euro .
will be protected depositors with deposits in an amount less 100,000 Euros and the holders of bonds guaranteed, so make sure, as in the case of covered bonds.
The current account will be called to participate in the losses, only if the interventions that will hit the top two categories – unsecured bondholders and shareholders – will not be enough. In that case you will intervene on the part that exceeds EUR 100,000, since the Deposit Protection Fund guarantees interbank sums up to that threshold.
Written like that, it all seems very clear.
But the story of the saving decree banks showed a dangerous gap in terms of transparency. Many investors have indeed signed subordinated considering them to be as safe as government bonds; which means ch suspect that different lenders not explain the real nature of the risk to potential customers is in many cases become reality.
As recalled by Codacons in its initiative:
“ Proxies rooms are investigating on possible corporate crimes and misconduct in the management of banks; if the judges were to be considered that there is sufficient evidence to the indictment, it will open the possibility for all shareholders and holders of subordinated bonds of a civil action in criminal proceedings in order to claim compensation for damages suffered because of Malatesta management of banks that led to the existing measures zeroing “.
Meanwhile, if media reports had given some hope to defrauded banks saved , we thought the Treasury itself to sweep it away in a second. Treasury sources have called it “infodata the hypothesis of selective refunds to some investors and only some banks” .
That is:
” The MEF is already working on the decrees of the standard save-savers launched by the government to meet the needs of investors cheated. The MEF is already in contact with other relevant institutions to enact the decrees as soon as possible, within 90 days to January 1, 2016 “.
Most of all:
“ Before the launch of these decrees can not be assumed any intervention .”
In a context of serious mistrust in which several Italian already thinking of going to that office to guard somehow reducing at least the size of their accounts – if exceeding 100,000 euro -the statements of the Centre for Studies of Unimpresa one to understand the serious repercussions of a crisis of confidence in the banking system:
The bail in the experts stress, threat especially the issue of bonds issued by banks with a value of no less than 217 billion euro, in a phase in which the issuer has already undergone decreased considerably.
Based on Bank of Italy data, emissions of bank bonds fell in fact in the period from September 2014 to September 2015, to 72.7 billion (-25.11%), from 289, 6000000000 AA 216.9 billion. And in nearly three years, the decline in emissions was 165.04 billion (-43.21%). So Unimpresa:
“The new plant on bank bailouts in force since yesterday (the day before yesterday to the reader) across Europe envisages the final activation of the bail in, namely the contribution of ‘internal’ to cover the losses of holders of shares, bonds and current accounts with balance more than 100,000 €. The most insidious is the one relating to any losses for the bondholders; shareholders buy capital at risk by definition, while for the depositors, their contribution is expected only in the most extreme case . Different reasoning for the bonds, which would be called to make a contribution, in particular the conversion into shares. “
Even:
“The bonds are a key tool for the collection of money from institutions and therefore to the activity of lending to both households and businesses. However, the new regulatory framework on the resolutions of the credit crisis could discourage the purchase of these instruments on the part of bank customers, by bringing a less important tool collection. Anything with dangerous consequences on the financing side. “
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