forex
Milan , January 30, 2016 – 11:47
Not We did not wait for the EU Commission to the words of the governor of the Bank of Italy, Ignazio Visco that the Forex Turin has proposed a revision of the directive on bank resolution (Brrd) which introduced the rule of the bail-in. Brussels has not directly commented on the intervention of the banker but entrusted to an official statement very precise: “There are no plans to change the Brrd ‘, is representative of the Commission recalling how” the Directive was adopted in 2014 c “on the consent of a majority in the European Parliament and with the unanimous agreement of the member states. ”
“For a year and a half know that the bail-in of creditors would protect taxpayers,” he added.
Banks, with the new rescue mechanism, to free up budgets from the sufferings, and the new rules of the European bail-in, were the focus of the governor’s speech ( read the full text the report ). Visco can be corrected for the directive on banking resolution, as already includes a clause.
Correct the Directive on the bail-in
In introducing the new rules of the European bailout, the so-called bail-in, in force since January 1, we have tried to achieve two objectives, says the governor: maintaining financial stability, but at the same time avoid the moral hazard of who could take advantage of it, betting on public intervention, as happened in the past. After the experience of the great global crisis prevailed as the second priority. But as is the bail-in should not be, because you have not paid enough attention to the risks to financial stability in the transitional phase. That’s why the governor asked to revise Directive BRRD (Bank Recovery and Resolution Directive). The review, to be launched by June 2018, is expected to be a clause in the directive itself, reminds Visco. But that invites to move more quickly.
Warranty positive public
Governor Bank of Italy holds a good step forward in the understanding with the European Commission on the scheme of a public guarantee for senior debt to be securitized, facilitating the easing of the suffering in the balance sheets of Italian banks. “The markets have reacted fluctuating announcement of the agreement: a thorough analysis of its contents and its effects will contribute to a positive assessment says.” But also it invites banks to devote sufficient resources, commensurate with the volumes, to address the problem of impaired loans.
Banks well capitalized
L ‘ Italy is emerging from the worst crisis since the 30s, but “Italian banks are well capitalized,” says Visco. “Impaired loans are widely covered by write-downs and guarantees,” he adds staving off the specter of new capital increases. Not a word from the governor instead on new combinations to strengthen cooperative banks, of which there has been talk in recent days, beginning with .bmp and Banco Popular.
The four banks in crisis
On the crisis of the four banks rescued by the government by decree, the Bank of Italy has acted “carefully and promptly in compliance with the existing rules.” The supervision of the Bank of Italy has faced over the last 15 years about 100 banking crises and the “sequence of actions” taken against 4 of the resolution (CariFerrara, CariChieti, Banca Marche and Banca Etruria) was put in place “as in all other cases. ” The substantial cut in the value of loans (17%) of 4 banks was determined “not in a discretionary manner but according to specific European standards,” says the governor of the Bank of Italy. “There were no real alternatives” to the resolution except that “far more traumatic the liquidation.”
Moderate growth
” The recovery in Italy proceeds at a pace in line with the euro area, where growth is moderate, but inflation is struggling to recover ” He supports the governor. There are positive signs: in recent months, bank loans to the private sector returned to growth, household loans have accelerated since the summer and are distributed loans for the purchase of housing and rose. Exports slow down, but strengthened the contribution of domestic demand. And for 2016 and 2017 Visco estimates an increase in GDP of 1.5% per annum.
30 January 2016 (modified January 30, 2016 | 19:44)
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