«Mps, after the sacrifices shareholders will have great satisfaction” – BBC

Massimo Tononi is the president of the Monte dei Paschi di Siena from 15 September 2015.
President Tononi, was born a new Monte dei Paschi?
“No, it’s the old Monte who found the energy to continue its journey.”

Satisfied?
“Very. It was done a terrific job. Monte dei Paschi continue its secular history, relieved of 27 billion gross NPLs and increased 40% non-performing loan coverage can, from the current 29. “

man the hard way to understand how a bank can get to pay so much money to customers unable, then, to return it …
“my reading of the events, but remember that they are in Siena for ten months, it is partial. They are certainly mistakes were made in the distant past. It should be remembered that the long economic crisis has weighed especially on SMEs, which are the typical customers of a bank which Mps. “

a crisis from which you came through, first and foremost, to the work of Viola .
“In other times, if I could, I would title an equestrian statue to Viola and his team, the ability, the spirit of sacrifice, integrity. But in that statue, let me say, they have to find space in addition to the management even 5 million customers who have continued to believe in the bank and 25,000 employees in recent years so difficult, a thousand turmoil, they never stopped working with great dedication. “

What do you expect from the stock exchange today?
“I feel a deep sorrow in the face of large losses of our shareholders, and I confess that this sorrow is not mitigated by the knowledge that even investors around the banking sector, in Italy and in Europe, have not had a lot of satisfaction. Now, the program announced last Friday sees Mps present a new budget structure, very different from the previous. All that I am convinced will be very rewarding for our shareholders. In addition, our plan is for the junior tranche of the suffering, is distributed pro rata to existing shareholders. Another way to share the path of recovery of Mps. “

So you wait a value of up title today?
“the markets are difficult to predict. But eight large international banks have expressed confidence in the plan approved Friday by signing a pre-underwriting commitment to the capital increase. “

last Thursday, at the last moment, came the proposal by Corrado Passera and UBS. Proposal, says the former minister, she fed only to bocciarla. Why this about-face?
“I have been contacted in recent weeks by Corrado Passera, who has informed me that you have to study a project of Mps. In light of the undoubted authority of Dr. Passera I invited him to pursue it and present it. When it came, last Thursday, in the meantime we were now coming, as in fact happened the next day, to a conclusive agreement and in the sign of discontinuity with the ECB, the fund Atlas and a consortium of high quality banks. The board of directors on Friday has scrutinized the draft presented by Dr. Passera and unanimously, apart from my abstention, considered that it was not necessary a meeting. “

it remains that the rescue of the Monte would not have been possible without government intervention .
“Do not rescue but speak of market operation that does not involve any state intervention. So as it has been fully transposed by the European authorities. IOC said the dialogue with the Government and the Bank of Italy was intense and very assiduous. The proximity of the Minister Padoan was important to me. Also there is no doubt that the guarantee on Gacs suffering is a central point in this plan. So how was decisive constructive relationship established with the Fund Atlas, marked by seriousness and rigor. He also contributed in a decisive way, the spirit of cooperation and support of the ECB in the days immediately preceding the announcement of our operation. “

July 31, 2016 (amendment July 31, 2016 | 23:00)

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«Mps, after the sacrifices shareholders will have great satisfaction” – BBC

Massimo Tononi is the president of the Monte dei Paschi di Siena from 15 September 2015.
President Tononi, was born a new Monte dei Paschi?
“No, it’s the old Monte who found the energy to continue its journey.”

Satisfied?
“Very. It was done a terrific job. Monte dei Paschi continue its secular history, relieved of 27 billion gross NPLs and increased 40% non-performing loan coverage can, from the current 29. “

man the hard way to understand how a bank can get to pay so much money to customers unable, then, to return it …
“my reading of the events, but remember that they are in Siena for ten months, it is partial. They are certainly mistakes were made in the distant past. It should be remembered that the long economic crisis has weighed especially on SMEs, which are the typical customers of a bank which Mps. “

a crisis from which you came through, first and foremost, to the work of Viola .
“In other times, if I could, I would title an equestrian statue to Viola and his team, the ability, the spirit of sacrifice, integrity. But in that statue, let me say, they have to find space in addition to the management even 5 million customers who have continued to believe in the bank and 25,000 employees in recent years so difficult, a thousand turmoil, they never stopped working with great dedication. “

What do you expect from the stock exchange today?
“I feel a deep sorrow in the face of large losses of our shareholders, and I confess that this sorrow is not mitigated by the knowledge that even investors around the banking sector, in Italy and in Europe, have not had a lot of satisfaction. Now, the program announced last Friday sees Mps present a new budget structure, very different from the previous. All that I am convinced will be very rewarding for our shareholders. In addition, our plan is for the junior tranche of the suffering, is distributed pro rata to existing shareholders. Another way to share the path of recovery of Mps. “

So you wait a value of up title today?
“the markets are difficult to predict. But eight large international banks have expressed confidence in the plan approved Friday by signing a pre-underwriting commitment to the capital increase. “

last Thursday, at the last moment, came the proposal by Corrado Passera and UBS. Proposal, says the former minister, she fed only to bocciarla. Why this about-face?
“I have been contacted in recent weeks by Corrado Passera, who has informed me that you have to study a project of Mps. In light of the undoubted authority of Dr. Passera I invited him to pursue it and present it. When it came, last Thursday, in the meantime we were now coming, as in fact happened the next day, to a conclusive agreement and in the sign of discontinuity with the ECB, the fund Atlas and a consortium of high quality banks. The board of directors on Friday has scrutinized the draft presented by Dr. Passera and unanimously, apart from my abstention, considered that it was not necessary a meeting. “

it remains that the rescue of the Monte would not have been possible without government intervention .
“Do not rescue but speak of market operation that does not involve any state intervention. So as it has been fully transposed by the European authorities. IOC said the dialogue with the Government and the Bank of Italy was intense and very assiduous. The proximity of the Minister Padoan was important to me. Also there is no doubt that the guarantee on Gacs suffering is a central point in this plan. So how was decisive constructive relationship established with the Fund Atlas, marked by seriousness and rigor. He also contributed in a decisive way, the spirit of cooperation and support of the ECB in the days immediately preceding the announcement of our operation. “

July 31, 2016 (amendment July 31, 2016 | 23:00)

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Messina: “Stop judging Italy in the rearview mirror” – BBC

from the voice of Charles Messina with the satisfaction. It could not be otherwise. By the stress tests conducted by the EBA, the European Banking Authority, Intesa Sanpaolo has emerged not only as the most solid but also one that can boast a record of no small importance in the continent: it is the institution that in the event of economic scenarios particularly adverse, with strong and prolonged recessions, reacts better than all competitors. The managing directors of the major Italian banks not only seems to be the manager’s satisfaction that certified sees the goodness of strategies and actions. And then a business model certainly changed in recent years, more oriented to asset management, in the direction of a wealth management company . Also reflected that pride to have worked for a country that in spite of the many, many, clichés “can have problems like any other nation in Europe, but it sure is not” the “problem,” he says.

“We are very proud of the result of the stress tests . We are the strongest in Europe in terms of capital strength – explains Messina -. But beware that the rest of Italy, the banking system was not watching. If we put together the “problems” that we had, the four banks in the resolution, the two Venetian, to Monte dei Paschi, while we talk about something that all together makes the 10% of the market. But it is undeniable that this was the problems addressed and, you know, places off the table. The fund Atlas was a “game changer”. In comparison with Germany the reactive capacity of our system is obvious. ”

If Italy has in fact the problem of suffering , well, these are a fraction of gross domestic product, while the derivatives that are in significant quantities into the belly of some German banks , I am a multiple of the Berlin GDP. While the other major Italian banks, such as Ubi, Banco Popolare, Unicredit out well by the stress tests. “That does not mean they can not be turmoil in the markets still Messina- explains. Indeed, I am surprised me otherwise, after six months in which it was decided to outline Italy, by some hedge fund and commentators especially foreign, as a country in the grip of severe difficulties. But I must say that they have used, wrongly, the rearview mirror. ”

For the CEO of Intesa there is a link between being “the best the most solid European banks as well as to lower terms of leverage and excess liquid resources allocations to the requirements laid down in 2018, and the Italian economic situation. We must overcome the tendency, unfortunately sometimes very obvious, to underestimate or do not grasp the strengths such as being the second country manufacturing in Europe, have a savings from triple A. We get paralyzed by weaknesses that are there but elsewhere are treated for what they are: problems which come up with solutions. “

Even these stress test if not carefully analyzed can put us off the road. We often rely on medium accounting that does not fully describe the reality. The average capital requirements of Germany are at a height of 9.6 and France 9.8. Italy is below 8% but it is reality or a blurred photograph that does not “weigh” the strength of individual banks? Intesa has a market share of 20% and is the most solid in Europe between large. If there were similar argument to Paris and Berlin would be lowered when the average ones. And much. As well as changing scenario, trying to use as a mirror, as a proxy Intesa Sanpaolo with that market share is definitely an effective index, it would come out a picture of Italy in strong movement.

“The 24 billion medium-long term credit disbursements and thus for investment, are the children of a country that is strong and recovering. We were also solid stress test of 2014, but in the latter we did a jump, the result of our choices of a new successful business model, and at the same time a context where unemployment is falling, in which real estate transactions grew by 20%, loans Last year the 100% and 60% this year. With interventions to reduce the tax burden, with the spread back between 100 and 150, Italians have begun to regain confidence. The savings is also reallocating towards consumption. Companies are coming back to the bank and resume investing. signs of a recovery, more decimal or decimal are evident in the least. ”

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July 30, 2016 (amendment July 31, 2016 | 13:19)

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Messina: “Stop judging Italy in the rearview mirror” – BBC

from the voice of Charles Messina with the satisfaction. It could not be otherwise. By the stress tests conducted by the EBA, the European Banking Authority, Intesa Sanpaolo has emerged not only as the most solid but also one that can boast a record of no small importance in the continent: it is the institution that in the event of economic scenarios particularly adverse, with strong and prolonged recessions, reacts better than all competitors. The managing directors of the major Italian banks not only seems to be the manager’s satisfaction that certified sees the goodness of strategies and actions. And then a business model certainly changed in recent years, more oriented to asset management, in the direction of a wealth management company . Also reflected that pride to have worked for a country that in spite of the many, many, clichés “can have problems like any other nation in Europe, but it sure is not” the “problem,” he says.

“We are very proud of the result of the stress tests . We are the strongest in Europe in terms of capital strength – explains Messina -. But beware that the rest of Italy, the banking system was not watching. If we put together the “problems” that we had, the four banks in the resolution, the two Venetian, to Monte dei Paschi, while we talk about something that all together makes the 10% of the market. But it is undeniable that this was the problems addressed and, you know, places off the table. The fund Atlas was a “game changer”. In comparison with Germany the reactive capacity of our system is obvious. ”

If Italy has in fact the problem of suffering , well, these are a fraction of gross domestic product, while the derivatives that are in significant quantities into the belly of some German banks , I am a multiple of the Berlin GDP. While the other major Italian banks, such as Ubi, Banco Popolare, Unicredit out well by the stress tests. “That does not mean they can not be turmoil in the markets still Messina- explains. Indeed, I am surprised me otherwise, after six months in which it was decided to outline Italy, by some hedge fund and commentators especially foreign, as a country in the grip of severe difficulties. But I must say that they have used, wrongly, the rearview mirror. ”

For the CEO of Intesa there is a link between being “the best the most solid European banks as well as to lower terms of leverage and excess liquid resources allocations to the requirements laid down in 2018, and the Italian economic situation. We must overcome the tendency, unfortunately sometimes very obvious, to underestimate or do not grasp the strengths such as being the second country manufacturing in Europe, have a savings from triple A. We get paralyzed by weaknesses that are there but elsewhere are treated for what they are: problems which come up with solutions. “

Even these stress test if not carefully analyzed can put us off the road. We often rely on medium accounting that does not fully describe the reality. The average capital requirements of Germany are at a height of 9.6 and France 9.8. Italy is below 8% but it is reality or a blurred photograph that does not “weigh” the strength of individual banks? Intesa has a market share of 20% and is the most solid in Europe between large. If there were similar argument to Paris and Berlin would be lowered when the average ones. And much. As well as changing scenario, trying to use as a mirror, as a proxy Intesa Sanpaolo with that market share is definitely an effective index, it would come out a picture of Italy in strong movement.

“The 24 billion medium-long term credit disbursements and thus for investment, are the children of a country that is strong and recovering. We were also solid stress test of 2014, but in the latter we did a jump, the result of our choices of a new successful business model, and at the same time a context where unemployment is falling, in which real estate transactions grew by 20%, loans Last year the 100% and 60% this year. With interventions to reduce the tax burden, with the spread back between 100 and 150, Italians have begun to regain confidence. The savings is also reallocating towards consumption. Companies are coming back to the bank and resume investing. signs of a recovery, more decimal or decimal are evident in the least. ”

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July 30, 2016 (amendment July 31, 2016 | 13:19)

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Italian banks stronger than the 2014 tests – Il Sole 24 Ore

As water has passed under the bridge in the last two years, that is since the EBA and the ECB had conducted the latest stress tests on the European banking system. Since then, the sector has demonstrated the ability to improve their capacity to absorb any shocks, in a real race to resilience in which Italy – for once – is listed as best in class among the biggest countries, and second absolutely just behind Belgium.

After the night of the results, it started to work on 20 thousand data published by the EBA. And among these one stands in part unexpected, much of which yesterday was talk among bankers and experts: between 2014 and 2016, ie by comparing the last two examinations, Italian banks are the ones that have seen the rise of less’ Scenario adverse impact on its Common equity tier 1. In practice, are the ones that in these two years have been able to build the best defenses in the event of shocks, including increases, reallocation of capital and diversification of revenues.

Some figures, derived from the first processing carried out by KPMG in equal samples, can be useful. First, the credentials: in 2014 the European banks had submitted to stress tests (carried on the balance sheets 2013) with an average CET1 11.3%, this year rose to 210 basis points to 13.4%; the Italian, matches from 9.6%, are improved by 250 basis points to 12.1%. Now the effects of the shock: two years ago had resulted on average in Europe the loss of 252 basis points, the impact of this year rose to 391 (139 points); The Italian had recorded a potential loss of 339 points, this time they dealt with just eight points more, that is, 347. Not only are below average, but – after Belgium, however, that in 2014 – are to having recorded the least progress, while Germany has risen from 407 to 540 points of potential impact, France from 221 to 316, Spain 151 to 384, the UK 243 to 362.

” the data in effect is significant – comments Giovanni Pepe, KPMG partner – because it also emerges after a stress test that potentially could be very detrimental to Italians institutes, such visas haircuts applied on government bonds and the very strict assumptions on behavior of deposits. ” Therefore, under the track and despite the lack of confidence in the market, Italian banks today are with wider shoulders. And, perhaps even more surprising news, with a structure of revenues more resistant to a possible shock: “In the adverse scenario average Italian banks are capable of producing more profits, ie 367 basis points for the purposes of CET1, compared to the European ones, which stop at 235, “notes still Pepe:” at least in part the stress tests debunk a commonplace, that the excessive dependence of the revenues of Italian banks by net interest income.

<'p> There will be time and space to deepen in the coming days. But the first analysis of the data published from London seem to inspire some confidence (at least among the bankers). It is especially true for those who, like Intesa Sanpaolo, saw confirmed its continental leadership in terms of capitalization, “We are the strongest in Europe among the largest banks in terms of capital strength and our ratios are substantially in excess of regulatory requirements, even in the scenario more adverse, “he said yesterday the CEO, Carlo Messina. Who also stressed that “Intesa Sanpaolo has as its best European bank in terms of low leverage, with an allocation of excess cash resources compared to the requirements of 2018″; a situation, this, that will obviously affect the credit (24 billion in the medium-long term credit disbursed in the first half) and profitability, “Thanks to this strength we can reward our shareholders with significant returns and dividends, as we have done in these years to continue to do so, “he insisted yesterday Messina.

While waiting to know the reaction of the markets, other institutions are considering the dissemination of its results. In total, in fact, there are 15 banks subjected to stress tests in 2016 (11 of which, for the record, were assisted by Prometeia): 5 and 10 by the EBA informally by the ECB and some of these could follow the example of Mediobanca that Friday night released its result (Cet all’11,46 1% shock), among the best in Europe.

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Messina: “This is enough to judge Italy in the rearview mirror” – BBC

from the voice of Charles Messina with the satisfaction. It could not be otherwise. By the stress tests conducted by the EBA, the European Banking Authority, Intesa Sanpaolo has emerged not only as the most solid but also one that can boast a record of no small importance in the continent: it is the institution that in the event of economic scenarios particularly adverse, with strong and prolonged recessions, reacts better than all competitors. The managing directors of the major Italian banks not only seems to be the manager’s satisfaction that certified sees the goodness of strategies and actions. And then a business model certainly changed in recent years, more oriented to asset management, in the direction of a wealth management company . Also reflected that pride to have worked for a country that in spite of the many, many, clichés “can have problems like any other nation in Europe, but it sure is not” the “problem,” he says.

“We are very proud of the result of the stress tests . We are the strongest in Europe in terms of capital strength – explains Messina -. But beware that the rest of Italy, the banking system was not watching. If we put together the “problems” that we had, the four banks in the resolution, the two Venetian, to Monte dei Paschi, while we talk about something that all together makes the 10% of the market. But it is undeniable that this was the problems addressed and, you know, places off the table. The fund Atlas was a “game changer”. In comparison with Germany the reactive capacity of our system is obvious. ”

If Italy has in fact the problem of suffering , well, these are a fraction of gross domestic product, while the derivatives that are in significant quantities into the belly of some German banks , I am a multiple of the Berlin GDP. While the other major Italian banks, such as Ubi, Banco Popolare, Unicredit out well by the stress tests. “That does not mean they can not be turmoil in the markets still Messina- explains. Indeed, I am surprised me otherwise, after six months in which it was decided to outline Italy, by some hedge fund and commentators especially foreign, as a country in the grip of severe difficulties. But I must say that they have used, wrongly, the rearview mirror. ”

For the CEO of Intesa there is a link between being “the best the most solid European banks as well as to lower terms of leverage and excess liquid resources allocations to the requirements laid down in 2018, and the Italian economic situation. We must overcome the tendency, unfortunately sometimes very obvious, to underestimate or do not grasp the strengths such as being the second country manufacturing in Europe, have a savings from triple A. We get paralyzed by weaknesses that are there but elsewhere are treated for what they are: problems which come up with solutions. “

Even these stress test if not carefully analyzed can put us off the road. We often rely on medium accounting that does not fully describe the reality. The average capital requirements of Germany are at a height of 9.6 and France 9.8. Italy is below 8% but it is reality or a blurred photograph that does not “weigh” the strength of individual banks? Intesa has a market share of 20% and is the most solid in Europe between large. If there were similar argument to Paris and Berlin would be lowered when the average ones. And much. As well as changing scenario, trying to use as a mirror, as a proxy Intesa Sanpaolo with that market share is definitely an effective index, it would come out a picture of Italy in strong movement.

“The 24 billion medium-long term credit disbursements and thus for investment, are the children of a country that is strong and recovering. We were also solid stress test of 2014, but in the latter we did a jump, the result of our choices of a new successful business model, and at the same time a context where unemployment is falling, in which real estate transactions grew by 20%, loans Last year the 100% and 60% this year. With interventions to reduce the tax burden, with the spread back between 100 and 150, Italians have begun to regain confidence. The savings is also reallocating towards consumption. Companies are coming back to the bank and resume investing. signs of a recovery, more decimal or decimal are evident in the least. ”

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July 30, 2016 (amendment July 30, 2016 | 22:16)

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Messina: “This is enough to judge Italy in the rearview mirror” – BBC

from the voice of Charles Messina with the satisfaction. It could not be otherwise. By the stress tests conducted by the EBA, the European Banking Authority, Intesa Sanpaolo has emerged not only as the most solid but also one that can boast a record of no small importance in the continent: it is the institution that in the event of economic scenarios particularly adverse, with strong and prolonged recessions, reacts better than all competitors. The managing directors of the major Italian banks not only seems to be the manager’s satisfaction that certified sees the goodness of strategies and actions. And then a business model certainly changed in recent years, more oriented to asset management, in the direction of a wealth management company . Also reflected that pride to have worked for a country that in spite of the many, many, clichés “can have problems like any other nation in Europe, but it sure is not” the “problem,” he says.

“We are very proud of the result of the stress tests . We are the strongest in Europe in terms of capital strength – explains Messina -. But beware that the rest of Italy, the banking system was not watching. If we put together the “problems” that we had, the four banks in the resolution, the two Venetian, to Monte dei Paschi, while we talk about something that all together makes the 10% of the market. But it is undeniable that this was the problems addressed and, you know, places off the table. The fund Atlas was a “game changer”. In comparison with Germany the reactive capacity of our system is obvious. ”

If Italy has in fact the problem of suffering , well, these are a fraction of gross domestic product, while the derivatives that are in significant quantities into the belly of some German banks , I am a multiple of the Berlin GDP. While the other major Italian banks, such as Ubi, Banco Popolare, Unicredit out well by the stress tests. “That does not mean they can not be turmoil in the markets still Messina- explains. Indeed, I am surprised me otherwise, after six months in which it was decided to outline Italy, by some hedge fund and commentators especially foreign, as a country in the grip of severe difficulties. But I must say that they have used, wrongly, the rearview mirror. ”

For the CEO of Intesa there is a link between being “the best the most solid European banks as well as to lower terms of leverage and excess liquid resources allocations to the requirements laid down in 2018, and the Italian economic situation. We must overcome the tendency, unfortunately sometimes very obvious, to underestimate or do not grasp the strengths such as being the second country manufacturing in Europe, have a savings from triple A. We get paralyzed by weaknesses that are there but elsewhere are treated for what they are: problems which come up with solutions. “

Even these stress test if not carefully analyzed can put us off the road. We often rely on medium accounting that does not fully describe the reality. The average capital requirements of Germany are at a height of 9.6 and France 9.8. Italy is below 8% but it is reality or a blurred photograph that does not “weigh” the strength of individual banks? Intesa has a market share of 20% and is the most solid in Europe between large. If there were similar argument to Paris and Berlin would be lowered when the average ones. And much. As well as changing scenario, trying to use as a mirror, as a proxy Intesa Sanpaolo with that market share is definitely an effective index, it would come out a picture of Italy in strong movement.

“The 24 billion medium-long term credit disbursements and thus for investment, are the children of a country that is strong and recovering. We were also solid stress test of 2014, but in the latter we did a jump, the result of our choices of a new successful business model, and at the same time a context where unemployment is falling, in which real estate transactions grew by 20%, loans Last year the 100% and 60% this year. With interventions to reduce the tax burden, with the spread back between 100 and 150, Italians have begun to regain confidence. The savings is also reallocating towards consumption. Companies are coming back to the bank and resume investing. signs of a recovery, more decimal or decimal are evident in the least. ”

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July 30, 2016 (amendment July 30, 2016 | 22:16)

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“Too soft Stress test The British and the most at risk in Germany” – BBC

L'economista Antonio Leaf

MILAN “I am absolutely light test. Because, in the worst case scenario, imagine a drop of only 2% of gross domestic product at the end of 2018. Compared to a growth trend of 5% over the next three years indicated in the baseline scenario. Here, the Italian banks in recent years have experienced worse. So if anything, the EBA analysis scares because certify that in case of systemic crisis are the German and British banks to be able to suffer more. ” Words and thoughts of Antonio Foglia, economist and banker, a director of the Bank of Lake Lugano, the private institution of family and headquartered in Lugano and branch offices in London and Milan.

have been soft ratings for not force many European banks to capital increases?
“I say that the authorities led by Enria has corrected the shot compared to two years ago. Imagine an adverse scenario very much in line with what Italy has lived for the past seven years. So nothing exceptional. Were stress tests that seem, on a superficial reading, penalize our banking system because it comes with a lower than average French coefficient of capitalization, Spanish, German and English. But this is because for these examinations we arrive at the end of a rough cycle, while for others all in all arrive at the end of a phase of growth. With nearly 200 billion euro of gross doubtful loans in the belly to our banks, because of lending policy rather generous, our institutions have already had to deal with capital increases and decreases in the Non-performing loans . Operations that are taking place on a large scale, with great speed and unavoidable losses in the financial statements. “

Montepaschi is burdened by non-performing loans, but it is not a report card too merciless?
“what I notice is that the MPS dossier is on the board of the European central Bank for a long time and therefore not dwell too much on the negative assessment of Cet 1. what I find surprising is the overall fall of 20% of the leverage ratio , the leverage of the banking sector, in case of an adverse scenario which, I repeat, it does not seem so unrealistic. “

How?
“I mean that some banks may not have the capital cushion needed to address major systemic shocks. Worse than the adverse scenario drawn by the EBA. The most worrying concerns the overall indebtedness of the European banking system. “

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July 30, 2016 (amendment July 30, 2016 | 21:42)

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Stress tests: banks hold But Italy suffered the most – BBC

Less than 2.44% in 2018. in the case of “adverse scenario”, configurable as a conjunction between the fall of the Italian GDP by almost 6% over the next three years, an overall depreciation of the home values ​​and a major rating downgrade on government bonds. Montepaschi is voted down, with a differential of more than 14 percentage points of the current value. Unicredit exceed the test (7.10%), Ubi (8.85%) and Banco Popolare (9.0%) than in the case of the financial crisis have a 2018 Cet 1 still below the European average of 9.4%, the ratio between the total capital and risky investments. Promoted Intesa Sanpaolo with a Cet 1 of 10.21% in 2018. MPS was the worst in Europe in trying under EBA effort that has monitored the whole 51 institutions, excluding those of Greece and Portugal are considered countries with a banking system still rather fragile. But the Tuscan bank was special un’osservata, as Spain’s Santander (with a 1 Cet in a crisis 8.2%), Germany’s Deutsche Bank (7.8%, but with the most marked deterioration compared to 2015 due to its exposure to derivatives), the French BNP Paribas (8.51%) and the British Barclays (7.3%). These, unlike the institute Siena, systemic defined for potential global effects on failure according to Sifi designation.

the report cards

a country level is Italy suffered the most with an average capital ratio of 7.7% in case of adverse worse scenario, Spain (8.6%), the UK (8.5%), Germany (9.5%) and France (9.7%). The results of stress tests carried out by the authority led by the Italian Andrea Enria, were released yesterday at 21 in the City, pending the closure of Wall Street to prevent overseas is registrassero kickbacks. Here from the 46th floor of ‘ One Canada Square , which is home to the EBA is not known yet as a result of the vote that sanctioned the release of Britain by the European Union is imposing the staglieranno buildings of the largest banks in the world. Opposite is the JPMorgan Chase skyscraper, side Citigroup, next to HSBC. The report cards EBA report – net of Montepaschi subject however to a rescue plan agreed with the European Central Bank – Performance of the tricolor institutions in line with the rest of Europe. Interested spectator yesterday was the Eurotower.

the picture of the health status

Just in Frankfurt every year, in autumn, are broadcast Srep requirements, the result of a review and evaluation process prudential ECB that puts under observation the balance sheet of the institutions and their risk management. The Eba assessments, obtained by extrapolating data over 20 thousand, this time will not be directly preparatory to subsequent recapitalizations. Photographing the banking system health, identifying elements of weakness, but without indicating the possible recipes. In the interests of transparency for investors, given the homogeneity of the parameters. They represent a good database to which the ECB will draw to encourage banks to undertake course corrections or, conversely, to lighten the constraints for the distribution of dividends to shareholders. In November, the European Supervisory had indicated to management of Montepaschi to maintain the minimum capital requirement of 1 Cet on a consolidated basis to 10.2% until the end of 2016 and raise it to 10.75% as of 2017.

the model for evaluating

At this time have affected the slightly uneven valuation model than the one used in the last stress test two years ago. With greater importance assigned to the burden of suffering, such as the 27 billion maturity claims no longer collectable in belly Mps. The match of the stress tests has actually affected other 80 banks under the supervision Ssm, for which the ECB has conducted independently a simplified examination, the results of which will remain for the most confidential. Mediobanca, one of the examined banks, has decided to communicate their Cet 1 in 2018, in case of a negative scenario, all’11,46%, higher than the Srep requirement now amounted to 8.75%. A choice of transparency towards the market. Awaiting the results of the stock market.

July 29, 2016 (amendment July 30, 2016 | 12:36)

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Mps rejected to stress tests, but Brussels blesses the plan – ANSA.it

“The credibility of Italian banks has been strengthened, but it is necessary that the European and Italian institutions work still to achieve common rules for fair competition in the banking market.” This was stated in a statement the president of ABI, Antonio Patuelli, after the results of stress tests yesterday . In particular, it is necessary to “continue with reforms,” ​​as civil and tax uniformity Justice in Europe: “Even so you will prepare even better Italian results for the next examinations for banks never end.”

stress test, said Patuelli, “were a severe exercise with improbable adverse scenarios and an unfavorable setting departing from banks mainly engaged in loans to customers (such as Italian) for which, for example, the interests were not counted relating to impaired loans of each bank, despite the concrete probability of at least partial collections of those interests. Nevertheless, the overall result for European banks is basically satisfactory, and even for Italian banks leaving the stress tests for four better than expected of the markets and for the approval by the ECB of a major comprehensive plan to strengthen capital “. So, he concludes, “for Italy should continue reforms, reap the benefits of those already made, and above all realize other measures to make it even more efficient and more uniform civil justice taxation in Europe, to make it more competitive all business activities Italian in the European context. “

stress test, well 4 Italian, Mps worst in Europe

Three of the five Italian banks pass easily the European stress tests, but Unicredit and MPS are among the 10 worst. And the Montepaschi receives Sting strongest among all the institutions of the Continent, a collapse at -2.44% capital ratio CET1 that resets the capital under the adverse scenario and explains the strong pressure in recent months, prior to the capital increase and the maxi-sale of bad loans announced today to run for shelter extremis.

there is not only Italy under the lens of European “stress tests demonstrate the solidity of the Italian banking system as a together, “they say sources of heat Treasury after the data, adding that recent government measures will help to dispose of non-performing loans. Among the 51 banks examined the European Banking Authority, the Irish Royal Bank of Scotland and Allied Irish Bank come out with a lot of damage, a better quality capital (the CET1, in fact) almost halved, and just over 7%. Deutsche Bank, which also does not suffer the meltdown that someone assumed and does not see a blow on derivatives and market risk, go to 7.80% in the worst case scenario suggested by the EBA: penalized capital, but improving by 7% in 2014 . also improvement in the baseline scenario, to 12.1% from 10.5%.

But the Monte dei Paschi di Siena, after the exhausting European negotiations and the release resulted in the official market solution today which excludes state intervention, it receives a real slap in the face: the CET1 capital falls below zero to zero at -2.44% under the adverse scenario, for which in the 2015 tests was subject to a minimum of 5.5% threshold under who she was taking care of the ECB to be prepared immediately. Numbers that explain the stock market crash and the frenzy of the negotiations between the ECB, the Bank of Italy, the Treasury and the Sienese institute council.

These numbers, though they speak of a case ‘Italian’, outlining a case ‘Siena’ in Europe at this time. And perhaps it is no coincidence that the ECB, in a note issued to warm after the EBA results, sees them as “with one exception, all banks show CET1 capital levels well above the 5.5% benchmark used in 2014 “. Introduce yourself to the markets on Monday morning, with these numbers without a plan already drawn up (and approved by the ECB) would have meant a bloodbath for Siena.

Different situation for Unicredit, that the adverse scenario is at 7, 10%, but it still ranks fourth worst place among the 51 European institutions to the capital on a transitional basis, and the sixth worst in the adverse scenario. E ‘with an equally eye opening of the stock exchange on Monday that the institute, which has just appointed to Jean Pierre Mustier guide, tells you assess “whether further measures or capital plan changes” are needed. The voices speak of five billion increase and as many from divestments. Bank of Italy notes, however, that despite the severity of the stress test and the strains of the last years, four of the five major Italian banks of the EBA sample have suffered an impact on capital arising from adverse scenario by 3.2 percentage points, better than the European average ( 3.8 points), although including in Montepaschi Italian banks down by 4.1 points.

Always via Nazionale notes that the conditions of MPS, two public bailouts and so far 8 billion in two capital increases in two years that now he adds a third) “it has long been the attention” of European supervision. By EBA numbers comes out healthy Intesa Sanpaolo, which would respect the conditions of supervision even under the adverse scenario of 10.21% CET1) and more so in that the base (12,80%). Is doing very well, surprisingly after recent and discussed rumors, the popular Bank (9.05% under the adverse scenario). It holds well Ubi (8.85% in the worst case scenario). All this in a context in which the risks of credit, particularly penalizing for Italy recently emerged from recession, weigh the adverse scenario well 349 billion on the balance sheets of 51 banks, with the worst suffering in Italy, in fact, Great Britain, Spain and France.

B.Mps: in Stress Test Core Tier1 baseline scenario at 12%, against -2.2% – Milano Finanza

MILAN (Dow Jones) – In the baseline scenario of the stress test EBA Common Equity Tier 1 ratio of B.Mps stood at 12% while in the adverse falls to 2.2%. In particular, it said in a table of authority ‘European Banking, the fully loaded Common Equity Tier 1 ratio stood Sienese institute to 12.2% in the case of the baseline scenario and -2.4% assuming adverse . alb alberto.chimenti@mfdowjones.it (end) AFX NEWS

Stress test: the banks hold the examination, but Italy suffered the most – BBC

Less than 2.44% in 2018. in the case of “adverse scenario”, configurable as a conjunction between the fall of the Italian GDP by almost 6% over the next three years, an overall depreciation of the home values ​​and a major rating downgrade on government bonds. Montepaschi is voted down, with a differential of more than 14 percentage points of the current value. Unicredit exceed the test (7.10%), Ubi (8.85%) and Banco Popolare (9.0%) than in the case of the financial crisis have a 2018 Cet 1 still below the European average of 9.4%, the ratio between the total capital and risky investments. Promoted Intesa Sanpaolo with a Cet 1 of 10.21% in 2018. MPS was the worst in Europe in trying under EBA effort that has monitored the whole 51 institutions, excluding those of Greece and Portugal are considered countries with a banking system still rather fragile. But the Tuscan bank was special un’osservata, as Spain’s Santander (with a 1 Cet in a crisis 8.2%), Germany’s Deutsche Bank (7.8%, but with the most marked deterioration compared to 2015 due to its exposure to derivatives), the French BNP Paribas (8.51%) and the British Barclays (7.3%). These, unlike the institute Siena, systemic defined for potential global effects on failure according to Sifi designation.

the report cards

a country level is Italy suffered the most with an average capital ratio of 7.7% in case of adverse worse scenario, Spain (8.6%), the UK (8.5%), Germany (9.5%) and France (9.7%). The results of stress tests carried out by the authority led by the Italian Andrea Enria, were released yesterday at 21 in the City, pending the closure of Wall Street to prevent overseas is registrassero kickbacks. Here from the 46th floor of ‘ One Canada Square , which is home to the EBA is not known yet as a result of the vote that sanctioned the release of Britain by the European Union is imposing the staglieranno buildings of the largest banks in the world. Opposite is the JPMorgan Chase skyscraper, side Citigroup, next to HSBC. The report cards EBA report – net of Montepaschi subject however to a rescue plan agreed with the European Central Bank – Performance of the tricolor institutions in line with the rest of Europe. Interested spectator yesterday was the Eurotower.

the picture of the health status

Just in Frankfurt every year, in autumn, are broadcast Srep requirements, the result of a review and evaluation process prudential ECB that puts under observation the balance sheet of the institutions and their risk management. The Eba assessments, obtained by extrapolating data over 20 thousand, this time will not be directly preparatory to subsequent recapitalizations. Photographing the banking system health, identifying elements of weakness, but without indicating the possible recipes. In the interests of transparency for investors, given the homogeneity of the parameters. They represent a good database to which the ECB will draw to encourage banks to undertake course corrections or, conversely, to lighten the constraints for the distribution of dividends to shareholders. In November, the European Supervisory had indicated to management of Montepaschi to maintain the minimum capital requirement of 1 Cet on a consolidated basis to 10.2% until the end of 2016 and raise it to 10.75% as of 2017.

the model for evaluating

At this time have affected the slightly uneven valuation model than the one used in the last stress test two years ago. With greater importance assigned to the burden of suffering, such as the 27 billion maturity claims no longer collectable in belly Mps. The match of the stress tests has actually affected other 80 banks under the supervision Ssm, for which the ECB has conducted independently a simplified examination, the results of which will remain for the most confidential. Mediobanca, one of the examined banks, has decided to communicate their Cet 1 in 2018, in case of a negative scenario, all’11,46%, higher than the Srep requirement now amounted to 8.75%. A choice of transparency towards the market. Awaiting the results of the stock market.

July 29, 2016 (amendment July 30, 2016 | 09:13)

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Stress tests, vetoed Mps, Raiffeisen and Banco Popular. Enria: More 2014 system – Il Sole 24 Ore

“The EBA stress test shows that the benefits in the resistance of the capital strengthening performed to date are reflected in the European banking sector at a severe shock.” This is the comment of the European Banking Authority Chairman Andrea Enria. “The test is a vital tool to help supervisors to expedite the repair process of bank balance sheets, which is very important to restore credit to households and business.” The test, the EBA emphasized, “an exercise that promotes or bowl. Although we recognize the wide collection of capital as it is not a clean bill of health. Remains work to be done, that supervisors will launch as part of the review process and monitoring evaluation is not an exercise in which we measure those who passed and those who failed. “

 

The impact of the adverse economic scenario in 2018 would lead to a 380 basis point decline in the Cet 1 of 51 European banks subject to the EBA stress test, bringing its level to 9.4% at the end of that year . If one takes into account the regulatory measures on capital that have yet to get a force shortly loss would be 340 basis points.

The impact on CET1 would be driven mainly by the credit risk losses that would be of 349 billion: it comes to impaired loans and the reversal of the impairment of financial assets not measured at ‘fair value’ through profit or losses. The ratio of aggregate leverage would drop from 5.2% to 4.2%.

Unicredit will evaluate with ECB measures to offset the capital impact adverse scenario

The only bank with a net loss which would bring the CET1 by 2018 in a negative position and ‘Monte dei Paschi di Siena. All the other 50 banks are above the 5.5% threshold indicated in its time as a minimum threshold to ensure such a situation under control.

Among the ten banks among the 51 put under the EBA stress they see decline more significantly the CET1 due to the impact of an adverse economic scenario, there are two Italian: Mps, who heads the list, and Unicredit fourth. Apart from Raiffeisen and Banco Popular Espanol who are in second and third place, after Unicredit there are Barclays (Cet 1 in 2018 to 7.30% from 11.42% in 2015), Allied Irish Bank (7.39% from 15,86%), Commerzbank (7.42% from 13.77%), The Governor and Company of ther Bank of Ireland (7,69% from 13,30%), Deutsche Bank (7.80% 13 , 19%), Societe Generale (8.03% to 11.42%).

(Il Sole 24 Ore Thomson Plus)

THE “RANKING” EUROPEAN BANKING AUTHORITY
source: EBA

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Mps: green light ECB to plan on increasing and suffering – BBC

Green light for the ECB to bailout of JPMorgan and Mediobanca for the Monte dei Paschi di Siena. Confirmed the 5 billion capital increase and the sale of more than 9 billion net bad loans through securitization to which Atlas will participate. After a marathon summit, which lasted almost ten hours, the rescue plan, drawn up by JP Morgan and Mediobanca in Italy consultants, has been approved by the board Monte dei Paschi. Thus ends, then, the exhausting negotiations between Siena, Rome, Brussels and Frankfurt to start the sale of 27.7 billion gross bad loans of the Montepaschi (out of a total of 47 billion) with an average price of 33% of the nominal value of loans.

the task

This will be undertaken through a maxi-securitization with the participation of the fund Atlas bis which should raise up to 5 billion euro by August 8. In addition, the transfer of NPL (Non perfoarming loan, non-performing loans) will be joined by a bridge loan that staunch the losses of the bank up to the launch of the increase from 5 billion euro capital expected later this year.

rejected plan Passera

a green light not obvious if you think even the sensational alternative plan presented to the photo-finish by Corrado Passera and UBS but in the end was rejected by the Board of Siena, without even allow the former minister to present it personally, however, as it was expected the day before. “We looked around but there was another plan, then the one approved by the ECB, solid.” So the counselor Antonino Turicchi at the end of the board responded when asked if they had discussed the plan of Corrado Passera, and what was the reason that led to the rejection.

semester in due

MPS MPS has also closed the first half with a net profit above market expectations: 302 millions. The result benefits of “tax income of 134 million euro, relating to the tax treatment of certain income components related to the operation Alexandria recorded in the second quarter.”

July 29, 2016 (amendment July 29, 2016 | 21:06)

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Milan ended in a sprint finish to + 2% pending stress tests, ok General – Il Sole 24 Ore

European markets closed countered a few hours from the spread of stress tests on the European banking sector. After a positive start, the disappointment of the data on US GDP for the second quarter grew less than expected and that the consumer confidence has brought greater prudence in the Old Continent. Only Milan Stock Exchange continued its run-up trailed by banks with MIBA FTSE + 1.96% and the FTSE All Share at + 1.76%. Banca MPS has gained 6.28% on the day will reveal the plan for the disposal of non-performing loans and the capital increase. well Unicredit (+ 5.89%) and Intesa Sanpaolo (+ 3.52%).
General made strong progress (+ 7.19%) today released first-half results down, but above analysts’ expectations. Still a day of passion, however, for Mediaset (-8.33%) which continues to quarrel fought through press with Vivendi after the breakdown of negotiations to sell the pay TV. Consob, meanwhile, has lit a beacon to monitor the market trend. In the industrial sector, the widespread accounts yesterday prompted Leonardo-Finmeccanica (+ 2.46%) and Prysmian (+ 1.06%). Mini-bounce for Fca (+ 0.88%) yesterday had a sharp drop after Ford accounts while CNH has lost 1.77%.
Eni (+ 0.07%) ended on a draw after a difficult day following the publication of accounts which showed a loss of 1.24 billion in the first half.

Among the titles to lower capitalization Geox sold 7.47% after the quarter. Purchases instead of Acea (+ 6.78%) after agreement between Suez and Caltagirone which redraws the shareholding structure of the company controlled by the Municipality of Rome.

in the US, GDP grows less than expected, weak consumer confidence

From the macro front has been reported that in the euro zone, the seasonally adjusted second quarter GDP rose 0.3% in ‘euro area, according to the preliminary flash estimate of Eurostat. Overseas it was announced that the second-quarter GDP recorded a performance below analysts’ expectations. According to the US Commerce Department, the economisa of the US production increased by 1.2%, after + 0.8% in the first quarter, after + 1.4% in the fourth quarter of 2015. As for the confidence of American consumers in late July, the figure stood at 90 points compared to the expected 90.8. In Japan, meanwhile, the Bank of Japan opted for the status quo on its monetary policy, along the lines of buoys, the ECB and the Fed. They are also well buy some blue chip, thanks to the effect half-yearly accounts, has no brakes, in the wake of the accounts results above expectations.

Mps catalyzes more attention on the day of the board

In Milan the focus has remained on Banca MPS, on the day that meets the board of directors of the institute to launch the implementation of safety plan. Meanwhile check an alternative plan drawn up by Corrado Passera and UBS, on the table of the Rocca Salimbeni summits. Plan, which has been returned to you by the institute’s board, as anticipated by Radiocor Plus.

Eni in “red” for 1.24 billion in the first half, but there is the coupon payment

Mediaset and ENI in reverse

Mediaset in heavy decline, pays the disappointment for the half-year closed, with a loss of 27.8 million euro, compared to a profit of 24.2 million in the first half of 2015. a recently earned him instead the signs on the ‘trends in Italian advertising revenue is expected to remain positive in the third quarter, despite the months of July and August of major international sporting events broadcast by the major competitors. In September, underlined the TV company, the collection should be positively supported from the start of the new fall television season providing for an offer editorial Mediaset further renewed and strengthened. The heads of the companies, however, have indicated that the year-end accounts could weigh the story of a premium after the stop acquisition by Vivendi. For more looms a tough legal battle with the transalpine group, Mediaset, which has already announced that it will proceed in civil and criminal proceedings. The disappointing accounts effect is felt even on Eni after the loss of the first half of 2016 amounted to 1.24 billion euro, compared to a profit of 735 million in the same period of 2015.

General estimates an improvement in remuneration members in 2016

General Corre after accounts exceeding expectations

General runs after the release of the half-year , filed with a net profit of 1.17 billion euro, down 9.9% from the same period last year, but higher than analysts’ expectations. The number one insurance group, Philippe Donnet, also reassured that Generali is not exposed to “Brexit” phenomenon of the volatility that has created the markets.

The euro strengthens, resumes share oil

On the exchange rate front, the euro strengthened against the dollar to $ 1.1175 (1 , $ 1,087 yesterday’s closing) while yields on the yen to 114.69 (116.19). The relationship between the dollar and yen and ‘equal to 102.29 (104.79). Resumes share oil: WTI September futures stood at $ 41.45 per barrel (+ 0.75%).

sparkling debut for Vetrya

sparkling debut on the Stock Exchange for Vetrya, the Italian company’s digital service that is listed on the AIM segment. A few minutes away from the negotiations, the title has come to mark an increase of 10% compared to the placement price of 6 euro (6.60 euro). The estimated free float amounts to 11.3% of the capital after the placement of 636,265 common shares. Luca Tomassini, President and CEO of Vetra, said he was convinced that the stock “will do a good success, because our team is healthy and growth prospects over time.”

under observation Boj moves and macro data

The yen curbs the results of Hitachi

Investors analyze carefully the effects of the Central Bank of Japan left interest rates unchanged and also the amount of assets purchased in a year, to around 690 billion euro, but it has decided to double the share of purchases of ETFs and launched a US dollar loan program. The deposit rate was unchanged at -0.1%.

(Il Sole 24 Ore Thomson Plus)

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Increase the employed and fall inactive, but grow forward contracts – The Republic

MILAN – The unemployment rate in June rises again to 11.6%, but – after all – it is a positive fact: in absolute terms, in fact, the increase of the unemployed is lower than that of new labor, but it is mainly the decrease of inactive, those who are not working nor looking for work , to send a signal of confidence.

the unemployment rate reported by Istat is given by ratio of unemployed to the total labor force (employed and unemployed, ie job seekers, but does not find it) .

a drive up the rate was therefore the expansion of the workforce due to the fact that some inactive began looking a job, regardless of whether they found it or not.

Well at

June who has started looking for a job probably has found: the new jobs were 71 thousand, 27 thousand unemployed and the inactive decreased by 51 thousand units. These numbers translate to an employment rate to 57.3% (one point more than last year). In absolute terms in the last twelve months, the new employees were 329mila, compared with a decline of 325mila inactive people and the unemployed reduction of 140 thousand units.

in short, after the start of the year braking, largely due to cut the recruitment incentives, the labor market shows signs of recovery. Absorbed the of the tax cuts drop from 8 thousand to EUR 3,250 per year for each permanent employment, the number of unemployed to fall back, even the effects of the Jobs Act – which allow greater flexibility inbound and output – are less visible.

The growth of new jobs in June only affects the self-employed (+78 thousand) who after having bottomed out at the end of last year are recovering while remaining substantially unchanged employees (-7mila). A wakeup call arrives in the turnaround on the type of assuzioni: in spite of incentives, in fact, in the last quarter have been more complete assuzioni (60 thousand) of the open-ended (+ 27 thousand). A diametrically opposite trend to that observed on an annual basis: permanent and 207 thousand compared to 39 thousand hired on. In the last six months of 2015, however, companies have benefited from tax reductions “filled.”

Satisfied with the Minister of Labour Giuliano Poletti defining “extraordinary” results because “the employment rate is at its highest level since 2009, while the rate of youth unemployment is still very high, is the lowest since October 2012. much remains to be done to the problem of unemployment but to Istat one indication that the direction is the right one and that it is consolidating trend

improvement in the labor market. “

youth unemployment. In June, the unemployment rate of the aged 15-24, ie the share of unemployed youth in the total active ones (employed and unemployed), is 36.5%, down 0.3 percentage points from previous month. From the calculation it is by definition excluded young Inactive, because in most cases engaged in studies. Basically, the ratio of unemployed youth from 15 to 24 in the total of young people of the same age was 9.8% (ie less than a young man of 10 is unemployed).
In the remaining classes of the age employment rate in June increased for those over 35 (+0.1 percentage points), while falls in the class 25-34 years (-0.1 points). The unemployment rate remains unchanged among those over 35, while increasing by 0.2 points among 25-34 year olds. The inactivity rate falls among ultra35enni (-0.2 points in the class 35-49 years and 0.1 points in the 50-64 class) compared to a stability among the 25-34 year olds.

The artisans. “Artisans, micro and small companies confirmed the leading role for the world of work in Italy. In the first half of this year were up, continuous and solid, employment of about 2.5 per percent compared to the same period of 2015. With a difference not to be underestimated: in the first six months of employment growth last year was fueled by substantial de-contribution given to companies for new employment of indefinite duration, then greatly reduced in 2016 “. Detects the observatory of the labor market cna, cared for by the study center of the confederation, which monthly analyzes employment trends in a sample of 20,500 craft firms, micro and small with over 120 thousand employees.

Topics:

work

unemployment

istat

inactive

busy

Starring:

Increase the employed, they fall inactive. Work continues recovery – The Republic

MILAN – The unemployment rate in June rises again to 11.6%, but – after all – it is a positive fact: in absolute terms, in fact, the increase of the unemployed is lower than that of new jobs and above all to the decline of the inactive, those who are not working nor looking for work. The unemployment rate recorded by ISTAT, in fact, is given by ratio of unemployed to the total labor force (employed, of course, workers, and the unemployed, or those looking for work, but not located) . a drive up the rate was then the expansion of the workforce due to the fact that some inactive have started to look for a job, regardless of whether they found it or not. Well at June who has started looking for a job probably he has found: the new jobs were 71 thousand, 27 thousand unemployed and inactive fell by 51 thousand units. These numbers translate to an employment rate to 57.3% (one point more than last year). In absolute terms in the last twelve months, the new employees were 329mila, compared with a decline of 325mila inactive people and the unemployed reduction of 140 thousand units.

in short, after the start of the year braking, largely due to cut the recruitment incentives, the labor market shows signs of recovery of disproving those who spoke of the end of the honeymoon between Italy and jobs. In short, absorbed the drop in tax relief from 8 thousand to EUR 3,250 per year for each permanent employment, unemployment has returned to fall, thanks to the effects of the Jobs Act that allow greater flexibility inbound and output. However, the growth of new labor concerns mainly the self-employed (+78 thousand) who after having bottomed out at the end of last year are in recovery, while employees remain substantially unchanged. A wake comes the turnaround on the type of assuzioni: in spite of incentives, in fact, in the last quarter have been more complete assuzioni (60 thousand) of the open-ended (+ 27 thousand). A diametrically opposite trend to that observed on an annual basis: permanent and 207 thousand compared to 39 thousand hired on. In the last six months of 2015, however, companies have benefited from tax reductions “filled.”

Satisfied Minister Giuliano Poletti job defining “extraordinary” results because “the employment rate is at its highest level since 2009, while the rate of youth unemployment is still very high, is the lowest since October 2012. much remains to be done to the unemployment problem, but to Istat one indication that the direction is the right one and that it is consolidating the trend of

improvement in the labor market. “

youth unemployment. In June, the unemployment rate of the aged 15-24, ie the share of unemployed youth in the total active ones (employed and unemployed), is 36.5%, down 0.3 percentage points from previous month. From the calculation it is by definition excluded young Inactive, because in most cases engaged in studies. Basically, the ratio of unemployed youth from 15 to 24 in the total of young people of the same age was 9.8% (ie less than a young man of 10 is unemployed).
In the remaining classes of the age employment rate in June increased for those over 35 (+0.1 percentage points), while falls in the class 25-34 years (-0.1 points). The unemployment rate remains unchanged among those over 35, while increasing by 0.2 points among 25-34 year olds. The inactivity rate falls among ultra35enni (-0.2 points in the class 35-49 years and 0.1 points in the 50-64 class) compared to a stability among the 25-34 year olds.

The artisans. “Artisans, micro and small companies confirmed the leading role for the world of work in Italy. In the first half of this year were up, continuous and solid, employment of about 2.5 per percent compared to the same period of 2015. With a difference not to be underestimated: in the first six months of employment growth last year was fueled by substantial de-contribution given to companies for new employment of indefinite duration, then greatly reduced in 2016 “. Detects the observatory of the labor market cna, cared for by the study center of the confederation, which monthly analyzes employment trends in a sample of 20,500 craft firms, micro and small with over 120 thousand employees.

Topics:

work

unemployment

istat

inactive

busy

Starring:

Mediaset: Red 27.8 million in the first half – La Stampa

          

The Board of Directors of Mediaset, which met under the Chairmanship of Fedele Confalonieri, has been informed of the recent events resulted in the breach of contract of the Vivendi Group (press release dated July 25, 2016) and has reviewed an action plan at the company’s protection. The Council took note of the statement by management and voted to reject the alternative proposal of Vivendi considered inadmissible as incompatible with the binding agreement already signed. The Council therefore instructed the administrator to take appropriate actions that will achieve the fulfillment of the contract by Vivendi and, in the event of inaction by the latter, to take civil and possibly criminal in protection of interests of society.

The Council subsequently approved the report on the first half of 2016.

Key findings Mediaset Group Net revenues: 1,870,600,000 of EUR
Operating profit (EBIT): 97.3 million of euro
TV listen: leadership in the commercial target in Italy and in Spain

the Mediaset Group ended a semester, confirming the positive trend of sales growth in all major areas of activities of the group which previously occurred during the first three months of 2016. Despite a backdrop of persistent market volatility and extreme complexity of the economic situation in Italy Mediaset’s advertising sales remained positive for the fourth consecutive quarter. Even in Spain continued the phase of steady expansion in advertising revenues of Mediaset España. Given these positive trends, the consolidated financial results have improved compared to the budget forecast both in Italy and in Spain. And this despite the expected higher costs incurred in the third quarter of 2015 for the acquisition of valuable TV sports rights (including the three-year exclusive of the Champions League) for the 2015-2016 season. Rights which are ensuring the continued growth of the customer base and the average revenue of the premium in line with the expected trend in the three year plan drawn up to purchase the eve of those rights.
The Group’s performance is summarized as follows:
• Net revenues amounted to 1.8706 billion euro, strong growth compared to 1.7211 billion the first half of 2015. In Italy, revenues they reached 1.3497 billion euro, compared to 1.2437 billion euro in the same period last year. Spain reached 521.6 million, compared with EUR 478.5 million in 2015. Positive in both countries the trend in advertising sales. In Italy, the gross television advertising revenues reached 1.0488 billion, compared with EUR 1011.0000000 euro in the first six months of 2015 (+ 3.7%). The collection of performance was much supported in the second quarter with an increase of 4.6% over the same period of 2015. Based on the latest available data disclosed by Nielsen, in the first five months of the year Mediaset’s advertising revenues It grew by 4.5% over the same period of 2015 compared to an overall growth of 2.7% advertising market. In Spain, where the economic recovery is still firm, the gross television advertising revenues amounted to 508.0000000 compared to EUR 473.2 million the previous year (+ 7.3%).
• EBIT of the Group amounted to 97.3 million euro compared to 137.0 million the previous year. In Italy the EBIT amounted to -52.8 million euro compared to 26.5 million in 2015. In Spain the figure grows to 150.1 million euro compared with 111.0 million euros the previous year.
• The consolidated net profit amounted to 27.8 million euro compared to 24.2 million euro in the same period of 2015.
• Acquisition of one-off cash. In the second quarter 2016 cash expenditures were incurred one-off – resulting solely from the signing of the contract with Vivendi – amounted to 34.6 million euro.
• Net financial debt rose from 859.4 million euro at December 31 2015 to 959.1 million Euros as at 30 June 2016. The change has affected the investment for 91.4 million euro carried in the first quarter of the year due to the increase of the controlling interest in Mediaset España through the completion of the buy-back plan of own shares carried out by the company. To which are added the outputs for a total of EUR 106.1 million related to the distribution of dividends by Mediaset S.p.A. and Mediaset España and the aforementioned cash outlay for running the Vivendi contract. The free cash flow of operations in Italy and Spain was amounted to 152.8 million euro.
• TV ratings. In Mediaset first six months of 2016 confirm a clear leadership in the commercial target, both in Italy and in Spain. In Italy, Mediaset is the leader on the 15-64 age range with 33.7% share in the 24 hours. Channel 5 is the view of Italian channel in the commercial target, both in prime time (16.8%) in the 24 hours (16.5%). In Spain, television Mediaset España channels confirmed the absolute leadership in the 24 hours with 30.5% share. Telecinco is Spain’s most popular across the whole day with 14.6%.

OUTLOOK In Italy the trend of the Group’s advertising revenue is expected to remain positive in the third quarter, despite the months of July and August of major international sporting events (finals the European Football Championship in the first half of July and the Olympic Games in August) transmitted by the main competitors. In September, the trend in income should be positively supported from the start of the new fall television season providing for an offer editorial Mediaset further renewed and strengthened. In the second half of the year, the consolidated financial results should also highlight a trend in television costs more in line with the same period of 2015 due to the continuum of sporting Mediaset Premium compared to the same period last year, as well as benefit from further growth in core revenues and pay the positive contribution arising from the results of Mediaset España. On this positive trend could weigh the negative impacts resulting from both the decision-making delays on the operations of Mediaset Premium – caused dall’interim management due to the terms of the contract with Vivendi – both commercial and operational decisions taken by the Vivendi and not provided for in the original budget of Mediaset Premium. From July 1 will also be fully consolidated companies belonging to the RB1 / Finelco but this will not determine the remainder of the year a significant impact on the Group’s margins.

(RV)