the government will check right now, in intense negotiations with Brussels, the opening Saturday came from spokesman for the Commissioner Margrethe Vestager on interventions to support banks in difficulty. According to the Italian position there is no doubt that the current rules, in particular the European Directive Brrd and the EU Communication of 2013 on State aid in the banking sector, enabling the government to intervene, if necessary, directly, to support any banks trouble when the market is not willing to do it and if you are at risk of financial instability. In this sense, the opening of Brussels than any “precautionary measures” would be just a duty. But, in fact, it will be verified in practice. The case could be that of the Monte dei Paschi di Siena, in view of the results of the stress tests that the EBA, the European Supervisory Authorities, will release July 29. By one of the scenarios used for leak testing of banks, the scenario ‘adverse’, MPS should flunked out. A rejection which, as they devised the stress tests 2016 does not automatically impose the recapitalization. But certainly it would lead to judgment. How? “My opinion is that the MPS solution is preferable to a market transaction.” So the prime minister, Matteo Renzi, responded to Maria Latella it Interview on SkyTg24 . It is likely that Renzi wanted to send a message to the markets that no decision has been taken and that any government intervention would be necessary only if the private operators inertia.
the price of impaired loans
Today, according to the analysis of the government, the MPS main problem is not its capitalization, but the mountains credits deteriorated, amounting to 47 billion gross. A burden which the Monte must escape without slashing. But it is the price of Npl ( Non-performing loans ) the critical point. The market for non-performing loans is potentially lucrative, but finds it hard to leave. The government has tried to create favorable conditions, from Gacs (the public guarantee on securitization of so-called non-performing loans) to the participation of Cassa Depositi e Prestiti in private fund Atlas, aimed, in addition to the recapitalization, also to purchase non-performing loans. “We – says the Economy Undersecretary, Pier Paolo Baretta – we try to stimulate the market, then we’ll see.” Operators, for now, stand at the window. It is true that the business of the NPL is potentially lucrative but potentially precisely. The risks are still very high, for example, in relation to the times of civil justice, whether to collect a debt you must be used. In short, supply and demand do not meet: the banks do not want to sell, traders are not willing to risk. If market operations will not be possible, the government will have to intervene, but tensions with Brussels could re-ignite.
the errors of the past
the Italian banking system, said Renzi, is serving “political errors” committed in recent years, while in Germany the government ‘ He puts 247 billion euro in its banking system. ” “My government has removed politics from banks,” he continued the prime minister recalling the reform of cooperative banks, where he had “created a circle of friends and connivance shameful.” Finally, the President congratulated the new CEO of Unicredit, Jean Pierre Mustier. The fact that it is not Italian, he said no problem. The important thing is that the bank finds a way to ensure “access to credit” of Italian SMEs. “And refloat the non-performing loan is the first condition.”
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3 July 2016 (amendment 3 July 2016 | 22:43)
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