Etruria play in advance: immediately compensation. And since yesterday into force on bail in – The Republic

Rome – An advance of compensation to those who lost everything or almost. To be activated well before the launch of the decrees that will set in motion the referee Canton and the solidarity fund of 100 million. The solution – in which they work in these hours the Ministry of Economy and the Bank of Italy – seems sparigliare the procedure established by the law of stability and therefore the path certainly not short of any compensation for swindled. It will benefit from a detailed group of investors of the old Banca Etruria, dissolved by decree of November 22, which will be restored at least in part by return and not by the solidarity fund (at least not immediately), or by the government, but by the new Banca Etruria, born from the ashes of the old and led by Andrea Nicastro, waiting to pass then the arbitration and then recover the full amount.

A move certainly bold, commissioned by the government to “alleviate the tension” exploded especially around the institute Tuscan – one of the four saved at the expense of shareholders and subordinated bondholders – in the eye of the storm of protests and political controversy, given the past operational role of the father of the Minister Woods. But also a clear attempt to stem the threatened outflow of depositors, increasingly determined to move money elsewhere, as witnessed by many in the demonstrations in Rome, Arezzo, Civitavecchia.

eventuality pernicious for a bank cleared and (now) solid, waiting to be sold. The watchword in the telephone communications of these days between the Minister Padoan, his chief of staff Garofoli, the Bank of Italy governor Ignazio Visco, President ANAC Canton and the president of the new bank Nicastro is thus “reassuring” to each cost. Before they trigger a crisis of confidence, then irreparable and incalculable domino effect the outcome.

It is clear, however, that this advance of money made a private loan the new Banca Etruria who then retaliate against the Solidarity Fund – will have to be harmonized with the rules, which will set the criteria for reimbursement and arbitration proceedings. The decrees – which is already working on the MEF – will therefore take account of this compensation bridge. The drafting of the texts does not seem very simple and their launch is not immediate. This explains the idea of ​​”calmiere”, to be used for the bank among the most targeted of the four. “Who was put potentially bankrupt by Banca Etruria has now certain to have a satisfaction,” said Nicastro no accident Wednesday in Arezzo. The reference is to 683 investors “very, very exposed,” who have invested less than 100,000 Euros aiming for more than 50% of their assets on the subordinated notes, now cleared. To these it was already on “an internal task force to collect the cards” to bring then to Canton, but “will have a fast-track and can rest easy.” Of course, “they too will pass the scrutiny of the college.”

But apparently, meanwhile, will have to revise part of the money went up in smoke thanks to the advance of the new Banca Etruria. Operation within the reach of the institute raised from suffering, since on the whole these investors lost “only” 17 million. And especially well thought out by the government, in order to meet now to almost 70% of the weakest (calculated in 1010 between the four banks), those that have burned nearly all the savings.

others 9,900 bond underwriters become waste paper? For them it is just to wait for the arbitration. Since yesterday meanwhile has been in place in the infamous bail: in case of default, could also account holders over 100,000 euro.

Arguments:

etruria

bank etruria

crash, banks

Bank of Italy

Starring:

Roberto Nicastro