Popolare di Vicenza, the assembly – BBC

BANKS

Popolare di Vicenza, the assembly
rejects the liability action

Skip the line suggested by Lamb despite criticism: “the former board of directors return what they took.” Almost 90 percent approve the budget

Vicenza, ordinary meeting of the People

The assembly the Banca Popolare di Vicenza has rejected the proposal to promote an action for damages against those directors, auditors and general managers who were to be identified as responsible for the collapse berico institute. He voted in favor of the liability 38.05% of the capital intervened, against 18,64% and 43,29% abstained. Lamb had invited members to carefully assess the opportunity to promote the action of responsibility by suggesting that it would be better to wait for the meeting that will renew the board in June, after the conclusion of the capital increase and the listing on the Stock Exchange. “The bank is going through an extremely delicate moment, in front of projects and difficult steps, must be able to collect on the market a large amount of capital,” said Lamb before the vote, stressing that it is necessary that “the bank can work to the fullest possible serenity.” “Let us reflect on the fact that will be enough for only 2.5% of the capital to demand that the action of responsibility is placed on the agenda of a forthcoming meeting.” The shareholders of Banca Popolare di Vicenza approved the 2015 budget with the favorable vote dell’89,52% of the capital intervened, contrary to 6.2%, and the abstention of 4.27%.

  There had been a lot of criticism over Assembly Popolare di Vicenza increased costs for the summit of the Bank, while the bank’s shareholders, burned by the collapse of their titles, they return to demand actions of responsibility to shareholders. Giuliano Xausa, Fabi executive and employee of the bank, speaking of fees, you wondered: “Delirium of Omnipotence? I believe only shame “and recalled that” the 5,500 employees do not take the salary portion linked to productivity for 5 years and are a thousand euro per year. ” “I can not give you a minimum and maximum reference price” to be determined at the end of the pre-marketing of the IPO process “because today we do not have research analysts”. He had said at the meeting the managing director of Popolare di Vicenza, Francesco Iorio, in response to members who asked what would be the price at which the bank will land on the Stock Exchange. The title of the Banca Popolare di Vicenza, which for some years has been quoted by the bank to 62.5 euro, has been cut to 48 euro in the assembly in April 2015, and earlier this year, to 6.3 euro, value that was set the value of the withdrawal. The managing director of Banca Popolare di Vicenza, Francesco Iorio, hopes that the 2015 budget of the bank, which closed with a loss of 1.4 billion, “can still be a restart for the bank,” whose ordinary activities was in 2015 “surprisingly positive” with “a margin of sharply higher interest to many banks” and a “seal” of the committees. Iorio admitted that “the starting point of the year-end is lower ‘than the average of 2015 and therefore” we should be prepared to evaluate everything you need to restart the bank after the capital increase. ”

The recapitalization, had emphasized , “it does not solve the problem but puts the bank in a position to solve problems.” As for the non-performing loans (5.3 billion net ones and 9 gross) “is true, it is a matter not nice to handle,” but also “close to us banks have similar data, I’ll be a systemic issue.” The reconciliation tables between Banca Popolare di Vincenza and consumer associations will start after the capital increase and the listing on the Stock Exchange. “There is my moral obligation and legal duty to sit at these tables, it will be a matter of weeks. Without the capital increase the bank will sit with consumer associations to evaluate the violation profiles of Mifid, order history and the financed capital, “said the CEO, Francesco Iorio, at the meeting. To ask what had become of the conciliation tables had been, among others, Luke Shy, a small social entrepreneur with an exposure of 330 thousand euro to the BPVi and shares worth, before depreciation, amounted to 220,000 euro. “The bank has said it wants to triple the rate and asked the return of 100 thousand euro by August. I pay three times the rate for waste paper that has been foisted upon me, “he complained.

Older leaders that led the bank to collapse” give back what they have taken or that money will come and retrieve them by all means, both for members but also for the 5,500 employees who work every day with his head to give a future to this bank. ” They do not count the actions of the shareholders who are demanding an action for damages to the board of directors of expression management of Gianni Zonin, much of which is still in office. The lawyer Renato Bertelle, which defends many small shareholders of Banca Popolare di Vicenza, presented at the meeting a proposal to liability action vote against the board of directors and the board of auditors’ office at the material time “disputed. His request, which could be placed in the assembly vote, asking more than € 1,804 million in damages “for illegal places made available by the bank before 2015 but discovered” during the year. Even Ignatius Conte, representative of Codacons, has proposed the meeting an action for damages with the inscription on the asset a stake with 5.4 billion euro peers – he explained – to ‘claim’ the result of the devaluation of shares from 62.5 to 6.3 euro. Together with the action of responsibility “towards the last five years in office,” the Codacons motion directors and auditors plan to “bring an action for damages to the independent auditors, Consob and the Bank of Italy.”

Shouting “shame by a person aged 60 that takes 680 euro per month pension,” at the present board of directors at the meeting, Margaret Toniolo, one of many small shareholders of Banca Popolare Vicenza whose savings were burned by the management of Gianni Zonin. “With the capital increase of 2014 we were almost forced to buy the shares without the executives are cut salary while the majority of us are ruined. Former President Zonin you gave 1 million euro (in pay in 2015, editor’s note), all his estates to be redistributed to us who have lost capital “complained forcefully.