Saving banks, after the wait comes the procedure for reimbursements – The Republic

MILAN – Eight months after the resolution of Banca Etruria, Banca Marche, CariFerrara and CariChieti, which dates back to 22 November 2015, will finally starting the procedure for the lump-sum reimbursement to the more than 10 thousand bondholders who have been reset subordinated bonds to absorb some of the losses suffered by the four banks. It shall inform the interbank deposit protection fund, to which the government has attributed the management of the Solidarity Fund set up precisely to relieve the losses of investors, in many cases, unaware of the fate to which investors were likely to suffer.

It is a procedure that could see the light only after the entry into force (July 3) of the decree converting the banking Act, dating back to last May. The decree establishes the details for the flat-rate reimbursement, which is a way that bondholders can travel as an alternative to arbitration. Investors who have been reset the subordinated bond will receive 80% of the amount spent to buy the titles of the four banks finished in resolution but must be part of a series of parameters established in the law. The first concerns the date of purchase of securities: no later than 12 June 2014. They must then show that they had still held on November 22, the date of the resolution of the four banks which wiped out, applying the principle of burden sharing, all subordinated bonds (together with the shares). Other parameters to be met in order to obtain compensation have a movable assets of less than EUR 100 thousand at the end of 2015 and a total income in 2014 for income tax, no more than 35 thousand euro.

In the conversion of the Decree on banks, has expanded the envelope of the solidarity Fund. E ‘was removed the roof of 100 million that had been placed with the law of the 2016 Stability Now, the Decree states that must be fed “on the basis of the financial needs related to the payment of cash benefits “by the” Interbank deposit protection Fund “same.

the request for compensation must be submitted by January 3, 2017 (effective six months from the date of entry into force of the law ). It serves accompanying documentation, as detailed on the Fund’s website:

1. the purchase contract of subordinated securities;
2. application forms or purchase order;
3. the certification of the orders executed;
4. a statement on the consistency of the personal property;
5. copy of an identity document valid;
6. copy of the granted power of attorney, if the application is presented to FITD through law firms or consumer associations.

as for the instance form of compensation and its submission, need to wait until July 22 because that is loaded on the Fund’s website. A wizard on the website will allow the same instance transmission of repayment, which can also be sent by registered mail with return receipt.

The communication FITD arrives in two days from the meeting of the Association of Victims of the Savior banks – which has strongly criticized this manner of redemption – and the director of the Unit of the bank of Italy resolution, De Polis. A summit which showed a chink: the potential buyers of the new banks, which are on the market, “have shown themselves sensitive to the issue of re-establishing a healthy and strong relationship with the territory and savers of the four banks, by issuing new titles for bondholders excluded from flat-rate reimbursement and warrants for existing shareholders “, have informed the Association.

Topics :

save banks

refunds

bondholders

bank etruria

Banca Marche

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