Unemployment stable at 12% in December, dates back to that of young people: over 40% – The Republic

A manifestation of the workers in the Eurallumina of Portovesme (ap) MILAN – The unemployment rate in December remained stable in Italy, amounting to 12 per cent (in growth, however, from 11.6% of the December 2015). He still plays, however, the alarm for what is happening to young people: the rate of the jobless are between 15 and 24 years old has climbed in December, exceeding the threshold of 40%. It is taken for the accuracy of the 40,1%, an increase of 0.2 points on November and at the highest level by June 2015. The minister of Labour, Giuliano Poletti, said of the data, emphasizing the “substantial changes” that are recorded on an annual basis: “The strong reduction of inactive (478mila less), and, in fact, sees a significant growth of employment (242mila) and the increase of people who are actively looking for work (144mila). Combined with the increases already recorded in the previous periods, the increase also in 2016 leads to 602mila the number of employed people in more starting from February 2014, 440mila of which are regulars”.

the

15-24	percentages
employment Rate	16,3
unemployment Rate	40,1
the Incidence of the unemployed population	10,9
Rate of inactivity	72,8
25-34 YEARS
employment Rate	60,5
unemployment Rate	17,8
the Incidence of the unemployed population	13,0
Rate of inactivity	26,5
35 and 49 YEARS of age	percentages
employment Rate	72,4
unemployment Rate	9,7
the Incidence of the unemployed population	7,8
Rate of inactivity	19,8
50-64	percentages
employment Rate	58,5
unemployment Rate	6,3
The incidence of the unemployed population	4,0
Rate of inactivity	37,6

Rebus young people. After the last signal of the growth of unemployment recorded in November, according to Istat, the spear still numbers a concern for those under 25. In December, the rate of jobless among young people, i.e. the share of unemployed of the total active is grown as said by 0.2 points to 40,1%. If you consider that most of the boys of that age are studying, the incidence of young unemployed people on the total of that population is 10.9%, which means that more than one boy in ten is at home. If you look at the detail of the other age groups, adds to the Istat, the unemployment cala between 25-34enni (by 0.9 points), while increases in classes 35 and 49 years (+0.1 percentage points) and 50-64-years (+0.4 points).

is an increase in people seeking and the unemployed. Always in comparison to December of 2015, it recorded a growth of job search: drop the inactive (down by 3.4% or eur -478 thousand), but seen that the companies fail to absorb the entire supply of labour also increases in the unemployed (+4.9% or eur +144 million).

comparison of pre-tax benefits and Jobs Act. it is interesting to compare the data published today by the Institute of statistics with those related to the performance of the Italian labour market in 2014, that is, before the government Renzi triggered the tax reductions for the recruitment stable (matches the beginning of 2015), and the reform of the Jobs Act, with its protections of the growing – among other things – the weakening of article 18 (7 march 2015).

HOW IS THE JOBS ACT? A BUDGET OF ITALY in THE WORK

The euro zone improves. While Italy collects data in chiaroscuro, and it is the only large Country with a worsening yearly, in December, the unemployment rate in the euro area was down to 9.6% from 9.7% in November compared to 10.5% in December 2015. And’ the lowest rate since may 2009. In the Eu the unemployment rate was 8.2%, stable compared to November and down from 9% a year before. For the Eu this is the lowest percentage since February 2009.

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Work, halls, youth unemployment in December. Istat: 40,1% – Techcrunch.it

Work, Istat: in December unemployment stable at 12%

Unemployment stable in December. The rate of without work, it communicates the Istat, and 12.0%, stationary with respect to November 2016. In comparison with December 2015 the rate rises by 0.4 percentage points. The estimate of the unemployed is increasing on a monthly basis by 0.3%, equal to +9 thousand). The growth is attributable to the female component, in the face of a decline for the male, and is distributed between the different classes of age with the exception of the 25-34enni. The estimate of inactive between 15 and 64 years and a decrease in the last month by 0.1%, equal to -15 thousand). The decline affects both gender and all age groups except for the over-fifties. The rate of inactivity’ and’ stable for 34.8%.

Work, Istat: youth unemployment rises to 40,1% in December

In December, the unemployment rate of 15-24 who, i.e. the share of youth unemployed on the total active (employed and unemployed), and is equal to 40,1%, an increase of 0.2 percentage points compared to the previous month. It detects the Istat. From the calculation of the unemployment rate are, by definition, excluded young people are inactive, i.e. those who are not employed and not looking for work, in most cases, because engaged in the studies. The incidence of unemployed young people between 15 and 24 years of age on the total of young people of the same class of eta’ and’ equal to 10.9% (i.e. a little more than one in 10 are unemployed). This impact is an increase of 0.1 percentage points compared to November. The employment rate of 15-24 who remains stable, while that of inactivity,’ cala of 0.1 points. In the remaining classes of age, the employment rate in December increased between the 25-34enni (+0.8 percentage points), remains stable between 35-49enni and cala among the over-fifties (a decrease of 0.2 points). The unemployment rate for cala between 25-34enni (by 0.9 points), while increases in classes 35 and 49 years (+0.1 percentage points) and 50-64-years (+0.4 points). The rate of inactivity cala between 25-34enni (by 0.1 points), while it remains unchanged among the ultratrentacinquenni. Looking at the average of the last three months, informs the Istat, the employment rate increases among the over-fifties (+0.3 percentage points) and decreases in the remaining classes (a decrease of 0.2 points in the class 15-24 years, by 0.3 between 25-34enni, -0,1 between 35 and 49 years of age). The unemployment rate remains stable among the over-fifties and growing up in the remaining classes (+1.6 points between the 15 to 24 who, +0,2 between 25-34enni, +0.3 points among the 35-49enni). The rate of inactivity increases among the 25-34enni (+0.2 points) while it decreases in the remaining classes of age (0.4 percentage points among 15-to 24 who, by 0.1 between 35-49enni, -0,3 among the over-fifties). In the span of a year, the employment rate grows in all classes of age, with variations ranging from +0.1 percentage points for young people aged 15-24 years and +1.8 points for the over-fifties. The unemployment rate remains stable among the over-fifties and growing up in the remaining classes (+1.8 points between 15-24 who, up 0.3 between 25-34enni, +0.5 points between 35-49enni). The rate of inactivity cala in all classes of age, with variations ranging from of 0.8 points for the 35-49enni and 1.9 points for the over-fifties.

Work, Istat: employment stable in December, +242.000-over-year

In the month of December, the estimates of the employed and stable compared to November. The data, informs the mayor, and’ the synthesis of an increase for the male component, and an equivalent decline for the female gender. On an annual basis, in December, confirms the increasing trend of the number of employees (+1.1% on December 2015, equal to +242mila). The growth trend is attributable to employees (+266mila +111mila the permanent, +155 thousand time), and involves both women and men, focusing, among over-fifties (+410mila). In the same period the increase in the unemployed (+4.9% or eur +144 thousand), and decrease the inactive (down by 3.4%, equal to -478mila). In December, on monthly basis, increase the number of employed aged 25-34 years, while that drops over 35. To grow, this month, and the employment to an end, while decrease the independent. The employment rate is stable to 57.3%.

Unemployment stable in December, reveals new statistics Istat – Blasting News

The Eurostat paints an Italy that’s still hard to compare with other nations of the European Union – ekonomia.en

today the new report #ISTAT about the labor situation in Italy, which provides a snapshot of the month of December last year. The number of employees proves to be stable compared to November, but records a change regarding gender: a decrease in the workers, even if the decline is offset by their fellow men.

Increases the number of italians who seek work: the trend in the October-December period is in fact that of a decrease in the number of inactive, that drops to 78 thousand units. On an annual basis registers an increase of employees (+1,1%) with a greater increase of fixed-term contracts (+155 thousand) on the permanent (+111 thousand).

A look at Europe

Today has been released a new study by the Eurostat, the Statistical Office of the European Union, that allows you to frame the data of the peninsula in a broader context. If we take a look at the#europe 28 Italy the figure as quartultima to rate #Unemployment. Compared to an average of 8.2%, the Beautiful Country proves to be one of the nations worst with a 12%, which places it ahead of only Cyprus, Spain and Greece. The overall figure for the EU-28 represents in each case the lowest unemployment rate since February 2009.

To jump to the eyes, however, is the now chronic youth unemployment Italian. In December amounted to 40,1%, almost the double the average in the eurozone. The part of the lion instead of the ago, Germany, that sees youth unemployment settle at 6.5%.

Occupied, unemployed or inactive?

What do you mean by these terms exactly? We offer a glossary to clarify in short, but in detail, such as the National Institute of Statistics classifies these words:

• Busy – Are, in general, the segment of the population that is committed to a working relationship, even if you do not necessarily have to perceive a remuneration. The employed are those who, with more than 15 years of age, have worked in the reference week at least one hour of paid work or, alternatively, have at least played an hour of work without any remuneration in the family company or in that in which they collaborate regularly. They are considered employed those workers who, although absent from work, there are more than 3 months or have received at least 50% of their salary during the secondment period, as in the case of illness or holidays.
• Unemployed – Are those people who are ready to enter the world of work and that but I still have the chance. Between 15 and 75 years of age, define themselves as unemployed those individuals who are willing to take on a job within 2 weeks of the detection, and that have made effective action for finding employment in the 4 weeks prior. The unemployed are also those who are going to start a business working within 3 months, and would also be willing to start employment within 2 weeks.
• Inactive – Are the ones that remain excluded from the previous categories, that is, people who do not have a job and have not undertaken an active search for a place.

Istat: youth unemployment dates back to the 40,1% – Il Sole 24 Ore

The rate of unemployment of young people between 15 and 24 years, dating back to December, exceeding quota 40%. It is how to detect the Istat, explaining that the share of unemployed people on the total of the assets in that age group (employed and unemployed) in December to 40,1%, an increase of 0.2 percentage points on the previous month, to the higher level by June 2015.

the labour Market, the effect of the incentives 2015

In December, the unemployment rate is at 12%, stable on the November figure revised upwards from 11.9% to 12% – and up 0.4 points on December 2015. For Istat is the higher level by June 2015 (by 12.2%). The unemployed reached 3.103.000 with an increase of 9,000 units on November and of 144,000 units on December 2015. Still falling, the inactive between 15 and 64 years with -15.000 units on November and -478.000 unit on December 2015. The rate of inactivity is stable around historical lows for 34.8%.

In the same period the number of employed remained largely unchanged over November (+1,000 units) while they are increased by 242mila unit on December 2015 (+1,1%). The number of employed in the complex recorded in the month based on seasonally-adjusted data were 22.783.000. The employment rate to 57.3%, unchanged from November and an increase of 0.7 points on December 2015. Are increased the employees with +52mila unit on November (especially the end), while the independent fell by 52mila unit.

In the agenda of the government immediately cut the wedge and labour policies

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+46.000 occupied between 25 and 34 years old
instead, employment in the range of 25-34enni compared to November, with over 46,000 units to work more (+1,2%) while the unemployed are falling
to 43,000 units. In this segment, the number of employed decreased by 20 thousand units, compared
last year. The employment rate to 60.5%, with growth of 0.8 points on November and by 0.5 points on December 2015. The unemployment rate is 17.8% with a decline of 0.9 points over November and an increase of 0.3 percentage points on the December 2015.

Is “unfindable” one worker out of five

net demographics employment youth grows
net of The effects of demographic to December 2016, the employment performance of persons aged 15-34 years was positive (+27 thousand occupied est.) and the negative variation observed among the employed (-19 thousand) is entirely determined by the decrease of the population in this age class. Explains the Istat, in an analysis on the demographic component attached to the note on Employed and unemployed persons in December 2016. Even among the 35-49enni, explained the Institute – the strong decline of the population of this age group (down 2.0% in the last year) have a significant impact on the decline in employment, and the observed variation is equal to -149 thousand against a employment performance, net of the effect of demographic trends, of opposite sign equal to +49 thousand. Among the 50-64enni population growth helps accentuate the rise in the number of (+217 thousand in the occupied estimated net of the ef fects of the demographic switch to +350 thousand observed).

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Unemployment: inactive still down, unemployment rate at 12% – Corriere della Sera

In the month of December remained stable compared to November levels of employment, with the unemployment rate at 12%, makes known the Istat, remembering that it is the higher level by June 2015 (by 12.2%). The unemployed reached 3.103.000 with an increase of 9,000 units on November and of 144,000 units on December 2015.
Still fall in the inactive between 15 and 64 years with -15.000 units on November and -478.000 unit on December 2015. The rate of inactivity is stable around historical lows for 34.8%. Are increased the employees with +52.000 units on November (especially the end), while the independents declined of $ 52,000.

Warning among young people

In December, the unemployment rate of 15-24 who, that is, the share of youth unemployed on the total of the active ones is equal to 40,1%, an increase of 0.2 percentage points compared to the previous month. From the calculation of the unemployment rate, says the Institute, are by definition excluded young people inactive, that is, those who are not employed and not looking for work, in most cases, this is because engaged in your studies.
The incidence of young unemployed people between 15 and 24 years of age on the total of young people of the same age class is equal to 10.9% (or slightly more than one in 10 is unemployed), the incidence increase of 0.1 percentage points compared to November.

the Employed and the inactive

The unemployment rate for November was revised to 12 from 11.9%. Expectations for December showed 11.8%. In December, the employment rate is, to 57.3%, in line with the figure of November. The busy – 22,783 million – remained stable compared to November and a rise of 1.1% on an annual basis. In the month of December, the number of inactive remains substantially unchanged on the basis of economic (or 0.1%), while it decreases by 3.4%.

But in the Eurozone drops

The rate of unemployment in the Eurozone in December fell to 9.6% (equal to 15,571 million without a job) from 9.7% in November, with a gain of 121mila places. Last month is the lowest level since may 2009. The indicates Eurostat, which specifies how to December 2015 the rate was 10.5%, to 16,827 million unemployed. In 12 months, therefore, have been recovered 1,256 million jobs. In the whole of the Eu-28 the December rate was 8.2%, stable compared to the previous month.

31 January 2017, (change to January 31st, 2017 | 11:07)

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Piazza Affari part in negativoLo spread Bund Btp over 180 points – Corriere della Sera

The confusion that followed the decisions of the president of the Usa, Donald Trump, on the subject of immigration, and the subsequent reactions of condemnation coming from the international institutions, companies, and also by the attorneys general of 16 States in the us, is worrying the global markets. The week opened in the name of the sales on all the major stock markets. In Europe black shirt he was in Milan (-2,95%, the Ftse Mib index), weighted by the heavy losses by banks while approaching the launch of the maxi capital increase by 13 billion UniCredit (-5,45%). Also hurt all the other stock Exchanges: Paris has lost l'1,14%, Frankfurt 1.12 per cent, London 0,92%) and Madrid (l'1.5%. Light the energy sector with the Wti crude oil down more than a percentage point (Saipem -6,72%) and Eni -2,57% . The climate of uncertainty also weighs on the performance of Italian government securities: the yield of the Btp ten-year rose to 2,33%, with a spread compared to the Bund, arrived in tap 190 basis points and the maximum three years. On the foreign exchange market, the euro/dollar little moved to 1,0695 from 1,0696 Friday closing. In a decided strengthening of the yen, to 121,59 for a euro (123,07) and 113,69 for a dollar (115,06). Drops, finally, the price of oil: the future march Wti leaves on the ground 1.09% 52,59 dollars per barrel, while a similar delivery on the Brent cede 0.63% 55,17 dollars.

The peak for the spread and the auction of ten-year

The spread between Btp and Bund closes up to 186 basis points against the 176 points of the closure last Friday, after having touched a maximum of sitting at 190 basis points, which represents the highest level since end-November last year. The yield of ten-year Italian is at 2,30%, by updating the maximum by July 2015. The differential between Italian and Spanish bonds widened to 70 basis points for the first time since February 2012. The new peak of the spread Btp/Bund 10 years must be placed in a generalised context of rising yields of government of the euro area, which, however, penalizes the Italian paper, both for the current range of medium to long, both to the uncertain political situation. To push up yields on the debt of the State of the area there is also the reading of the inflation of Saxony and Hesse, where the annual growth of prices has exceeded the 2% in January . The overall figure will arrive this afternoon and is intended to rekindle t he demands of withdrawal of the stimulus measures implemented by the Ecb on the part of large sectors of the policy and the German public. The new Btp ten-year that expires in June 2027 — offered today to 4 billion against a demand that has exceeded the 5 — was placed with a yield to 2,37%, up 60 basis points compared to the auction of December.

Heavy banks

Milan pays, especially the poor performance of the banks: with the maxi capital increase of Unicredit on doors in the climate for the banking sector Italian it is heavy. In the viewfinder of the sales Unicredit, which closed with a -5,45%, which it intends to accelerate the timing of the capital increase, and today has brought together the board of directors by communicating on a stock exchange closed, further write-downs and a loss in 2016 to 11.8 billion. In the area down to Ubi with a -6,80%, Intesa gives 3,09%, Bper, the 4,81%, Tour Bpm 3.95%. Drops General that it yields the 3,18%, and between the other financial, which Has lost 5.68%. Drops General that it yields the 3,18%, and between the other financial, which Has lost 5.68%. In the morning, had come the news of the ok of the Consob, the supervisory authority of the market, to the registration document prepared by Unicredit in the view of the capital increase by 13 billion.

The expectations of the operators

More in general, the market awaits the next moves of the U.s. president Donald Trump, in addition to appointments with the Bank of Japan and the Fomc (between two days), after the contrasting indications coming from the Us Gdp in the fourth quarter. The number one of european Supervision on banks Daniele Nouy in an interview explained that the Italian institutions have yet to do much on the bad loans and will need to be part of the Supervisory further pressure “to do what there is to do.” On the macroeconomic front, note the figure in the rise of inflation in Germany in January, which has raised fears of a progressive weakening of the program of Quantitative easing by the central Bank.

case Agreement-General according to the Financial Times

the financial sector in The drop-down Intesa Sanpaolo and Generali. The dossier Intesa-General brings back memories of the disaster acquisition of the Dutch Abn Amro by the Royal Bank of Scotland: hard times, the same advisor, similar structure, move hostile. It is the Financial Times which suggests to management and investors to take a pause for reflection. Even if it is a smaller operation, since the General capitalize 24 billion, against € 71 billion in the deal, Abn and it would be an aggregation of domestic and not cross-border, the similarities – according to the FT – are at least five, starting with the timing, unfavorable as ten years ago, when he was about to burst in the financial crisis. The context, and the banks are more solid then, but “Italy is relatively weak and the Italian banking sector is full of non-performing loans”. Then, the advisor is the same, Andrea Orcel, Merrill Lynch and now at Ubs. The operation see ms to predict a stew, such as Abn Amro, which was split between Rbs, Fortis and Santander. The first two were saved with public money and nationalised, while the Spanish group gave a short Antonveneta to Mps. The hostile nature of the initiative also makes it more risky and the group that he would be born, having systemic importance, would attract the attention of global regulators and would have more than 7% of Italian sovereign debt, even if for the most part for the account of customers. Among the arguments in favor of the deal, the Ft cites the cost savings that accompany each M&A large in size, the synergies on the revenue and also the benefits in terms of assets as long as the Danish Compromise.

January 30, 2017 (amending the January 30, 2017 | 18:41)

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Bag: Europe heavy with Trump, Milan black jersey – ANSA.it

Effect Trump Handbags. Closing in the negative for all of the european Exchanges, which have been affected by the controversy in the United States for the president’s policies, Donald Trump, on the subject of immigration, and data on inflation in Germany. Black mesh in the Old Continent is Milan, which gave way to the 2,95%. Evil also all the others: Paris has lost l’1,14%, Frankfurt 1.12 per cent, London 0,92%) and Madrid (l’1.5%.

Unicredit, in the estimation of net results in 2016, expects to record a loss of approximately 11.8 billion euros. It reads in a note.

Wall Street is worse, weighed down by Donald Trump and his decree on immigration. The Dow Jones loses the 1,07% 19.878,30 points, the Nasdaq gives l to 1.40% to 5.581,40 points while the S&P 500 leaves on the ground 1.01% 2.271,53 points.

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Unicredit is close to the increase of capital. 2016 will close in the red of 11.8 billion – The Republic

the MILAN – Title Unicredit heavy to trading in Piazza Affari, where also passes in a phase of suspension of the trade in the morning and is then in sharp decline for close to 5.5% of (follow live). The banking sector is weak and drags down the overall index.

this Morning the bank of Piazza Gae Aulenti has published a registration document, prepared in view of the capital increase by 13 billion euros, for which he received the go-ahead from the Consob. The document – together with the informative note and summary still to be published – is the material put at the disposal of shareholders and investors to evaluate the opportunity to subscribe to the recapitalization. And today in Milan was held a cda approach to the recapitalisation, which should then be launched the first of the board of directors on the accounts of the 2016 scheduled for 9 February. “The acceleration of the timing of the capital increase is quite surprising, considering that the operation should start on the 6th of February,” say analysts at Icbpi, which have a council ‘buy’ and target price of 29 euros on the title. “It is not excluded that the management wants to take advantage of the good intonation of the markets, avoiding the risk of the operation to conditions more adverse than the current ones (the title is rose 16.4% in the course of the last three months)”.

In the first pages of warnings to the investor, of the over a thousand that make up the note of recording, Unicredit is the point of the situation by going through the Strategic Plan 2016-2019, of which the increase is pillar. It adds “the completion of certain extraordinary transactions of sale of assets (including, in particular, the disposal of the Group Pioneer Investments and Bank Pekao) in addition to the sale transactions already completed”; the improvement of the quality of the assets (“Project Up” and “Port Project”, which involve the sale of packages of non-performing loans and their coverage in the balance sheet); and “the significant reduction in the number of employees and, consequently, of the staff costs and other operating expenses”.

In view of the accounts, the bank anticipates that the operations on the non-performing loans (increase of coverage, and disposals) is expected “adverse impacts to non-recurring profit or loss net income for the fourth quarter of 2016 the UniCredit Group, for a total amount of € 12.2 billion.” Impacts that will bring down the assets, with accounting effect as at 31 December 2016, while the increase will come only launched in the next few days: formally, the bank will be for a period – until the completion of the recapitalisation – out from the parameters of the Supervision. As he had no way to tell the ceo Jean-Pierre Mustier, “the increase is going well” with regard to the surveys, preparatory, but Unicredit stresses as a warning that – if the operation should only be completed partially, would take the stop, dividends, payments in respect of instruments “Additional tier 1″, and the bonus of the manager.

with the markets closed, the bank has made further clarity on these issues, explaining that today, the board “has reviewed the estimates of the preliminary consolidated results for the financial year 2016″. Reaffirming that “the results of the Group are negatively affected by non-recurring items of approximately euro 12.2 billion” – that had been communicated on the 13th of December 2016, on the occasion of the Capital Markets Day of UniCredit, the bank specifies that “the group has taken into account a series of additional write-downs a grant equal to approximately euro 1.0 billion, which is expected to be accounted for in the year 2016. These laid-off are mainly derived from a higher devaluation of the share in the Fund, the Atlas, of certain investments and deferred tax assets (DTA) due to the time differences, and extraordinary contributions to the Resolution Fund National. Accordingly, in the estimate of net results in 2016 the Group is exp ected to record a loss of approximately euro 11.8 billion. Adjusted by non-recurring items, the net economic result of the Group’s 2016 would be positive”.

again, in its prospectus, mentioning the analysis carried out by the Ecb on the group (in the context of the activity known as Srep) Unicredit remember that Frankfurt am main has “highlighted the persistence of a level of profitability that is weak, due both to macroeconomic factors, both factors specific to the Issuer, represented by low interest rates and the economic recovery may slow in key Countries, a high level of net adjustments to loans in Italy, and a high level of operating costs in Austria and Germany”. He also asked to “submit, by 28 February 2017 a strategy of non-performing loans, supported by an operational plan to deal with the issue of the high level of non-performing loans”.

As to the strategy of the sales, made to strengthen the assets, the reverse of the medal you see on the perspectives of the margins: “the effect on The intermediation margin and the result of the management of the Group UniCredit is equal to Euro -1.860 million and € -948 million (compared to a brokerage margin for the first nine months of 2016 Euro 17.070 million and an operating profit for the first nine months of 2016 of € 7.263 million), mainly attributable to the disposal of the Group Pioneer Investments, as well as the sale of a stake in Bank Pekao”. The intermediation margin is still expected growth from the plan, even if in “measure”, at 0.6% on average per annum.

Unicredit accelerates on the rise and slips in the bag – Milano Finanza

Title Unicredit in the sharp decrease in Piazza Affari (-5% to 12.20) waiting for details on the capital increase by 13 billion euros. Today he holds the board of directors for the examination of the accounts, but the meeting is evidently preparatory to the share capital increase which the board Wednesday set the price and terms. The recapitalization could start on Monday 6 February.

In the last hour it has emerged that the financial situation of Unicredit at the end of 2016 will not be in line with the european directives: risk, time, interest coupons and dividends. And’ what has been learned from the registration document filed today in the Consob and by the bank itself and on the upcoming capital increase that the institute is preparing to tackle starting next week. A dossier of 1049 pages to which the Authority of the financial markets, the Italian has given the go-ahead.

In the dossier, in particular, are highlights of the risks to which the institution would face in the event the recapitalization is not completed. One thing is certain: the effect of the time lag between the actions foreseen in the strategic plan, with a negative impact on the numbers of the group, the execution of the capital increase and the transactions of sale of assets, the capital ratios at the end of 2016 will not be in line with the objectives of the Srep. At December 31, 2016, in fact, the Cet1 phase-in will be equal to approximately 8%, tier1 capital ratio of 9% and the Total capital ratio to 11.5%.

In consideration of the above-mentioned non-compliance with the capital requirements, Unicredit will not proceed “until the restoration of the capital requirements are not met, the distribution of dividends and the payment of the coupons of the instruments Additional tier 1 capital”, stressed Gae Aulenti. In the immediate term, this means that “if the capital increase is not subscribed or had subscribed partially, the issuer may not pay the coupon relating to the instruments of Additional tier 1 due in march 2017 and would have limitations on the dividend distribution policy”.

In detail, the implementation of the strategic plan has produced a negative effect on the accounting books of the group and the level of capital that the economic overhead of 12.2 billion euro, in good part due to the increase of the degree of coverage on the loan portfolio subject to transfer in the framework of the project “Up” and loans the object of the project “Porto”.

The project Up, as pointed out by the institute on 13 December, provides a de-risking, in two phases, to be completed by the end of the plan 2016-2019, of 17.7 billion euros of gross loans defaulted by a portfolio of securitized loans for which the bank will sell to investors a share homogeneous equal to at least 20% in the first phase in 2017. Instead, the Port project aims to improve the quality of the assets with maneuvers that have led to value adjustments on receivables, in the last quarter of 2016, for a total of about 8.1 billion.

a negative Impact also on the front of the supply. The sale of Pioneer and the investment in Bank Pekao, considering only the economic components recurrent, it will cause a contraction on a pro-forma for the first nine months of 2016 related to the intermediation margin and operating income equal, respectively, to 1.86 billion and 948 million.

it is Not discarded, in addition, the hypothesis writedown of the investments in the funds, Atlas and Atlas 2: “it is Not possible to exclude the possibility that, if the value of the assets in which they have invested and/or invest the funds in the Atlas were to be reduced, such a circumstance may result in the need to devalue the shares of the funds with consequent impacts on the capital ratios of the group.”

In detail, at the end of September, Unicredit had paid to the Atlas, in front of a total investment of 845 million to approximately 504 million. To these were added 182 million in the fourth quarter of 2016, the value that has been revealed to the irrevocable commitment by Gae Aulenti for subsequent payments to 159 million. With reference to the Atlas 2, however, Unicredit has committed to subscribing shares for 155 million, equal to 7,19% of the total of 2,155 billion, of which 1.1 million has already been paid.

The experts of Banca Imi, taking into account the provisions for the extra, we expect Unicredit to a loss of 10,35 billion. However, “despite the substantial overhang on the action, we retain our positive vision”, concluded the analysts, confirmed the ratings add and the price target to 30 euros. According to Equita (hold with a price target to 31 euros), the fourth quarter will be weak, with revenues of € 4.9 billion, operating income amounted to 953 million, a net loss of $ 14 billion and a Cet1 at 7.7%.

In the registration document, also, we read how, in the framework of the Srep 2016, the european central Bank has highlighted a number of areas of weakness as the credit risk, in particular the high level of non-performing exposures, the liquidity risk, the risk connected to operations in Russia and Turkey, and the persistence of a level of profitability that is weak.

Therefore, within the next 28 February, Unicredit shall submit to the Ecb a “strategy of non-performing loans, supported by an operational plan to deal with the issue of the high level of non-performing loans”. Currently, Unicredit is subject to the four on-site inspections by the central Institute, and is waiting to receive the results of the audit by the Ecb relative to the market risk.

All things considered, “there is a risk that where” Unicredit “was not able to restore the capital requirements applicable, including through the use of extraordinary measures different from those envisaged in the strategic plan, it may be necessary to the application of resolution tools”, as foreseen by the european directive on the resolutions on banking, which introduced the mechanism of bail-in, has specified the institute.

This afternoon a new board of directors of Gae Aulenti. The meeting will be used to develop the final details of the strengthening of the balance sheet on which it rests, the strategic plan set by the chief executive officer, Jean Pierre Mustier. According to press rumors leaked over the weekend, the fact rather unusual, that the capital increase started before approval of the accounts for the last financial year could be the reason for the meeting today: in the statement of the increase could be, in fact, have to enter some digits of the results in 2016. From here the need to proceed in the day, a preliminary examination of the accounts.

The management would like to launch the recapitalization by eur 13 billion at the beginning of next week, in order to close the transaction by the end of February. Another cda should be summoned for Wednesday next to the approval of the prospectus and the definition of the price range of the capital increase. According to the analysts at Icbpi (rating buy target price to 29 euros), the acceleration of the timing may be due to the desire of management to “take advantage of the good intonation of the markets, avoiding the risk of realizing the operation at most unfavourable conditions of the existing ones”.

In the meantime, the president of the Fondazione Cariverona, Alessandro Mazzucco, speaking to a local newspaper, has reiterated that the final decision on joining or not to the capital increase of Unicredit , whose subscription to the share currently held, or 2,23%, would result in an investment of approximately 290 million, which will be taken by the governing bodies of the institution in the first days of February. However, the Foundation is not a bank, has written in its statutes, which must remain for life in Unicredit . There will be up to when the investment will respond to your needs”.

CariVerona, has continued Mazzucco, define “in what terms to give continuity to the membership,” also “paying attention to the roof of the 33%”, fixed by the protocol, in Acre-Mef, 2015 for the participation of a Foundation in their respective banks. With regard to a possible desire to become part of the board of directors, finally, the president of the institution scaligero has denied any voice.

Unicredit, 2016 under the requirements of the Srep: dividends risk – Milano Finanza

The financial situation of Unicredit at the end of 2016 will not be in line with the european directives: risk, time, interest coupons and dividends. This is what is learned from the registration document filed today in the Consob and by the bank itself and on the upcoming capital increase that the institute is preparing to tackle starting next week. A dossier of 1049 pages to which the Authority of the financial markets, the Italian has given the go-ahead.

In the dossier, in particular, are highlights of the risks to which the institution would face in the event the recapitalization is not completed. One thing is certain: the effect of the time lag between the actions foreseen in the strategic plan, with a negative impact on the numbers of the group, the execution of the capital increase and the transactions of sale of assets, the capital ratios at the end of 2016 will not be in line with the objectives of the Srep. At December 31, 2016, in fact, the Cet1 phase-in will be equal to approximately 8%, tier1 capital ratio of 9% and the Total capital ratio to 11.5%.

In consideration of the above-mentioned non-compliance with the capital requirements, Unicredit will not proceed “until the restoration of the capital requirements are not met, the distribution of dividends and the payment of the coupons of the instruments Additional tier 1 capital”, stressed Gae Aulenti. In the immediate term, this means that “if the capital increase is not subscribed or had subscribed partially, the issuer may not pay the coupon relating to the instruments of Additional tier 1 due in march 2017 and would have limitations on the dividend distribution policy”.

In detail, the implementation of the plan stregico has produced negative effects on the accounting books of the group and the level of capital that the economic overhead of 12.2 billion euro, in good part due to the increase of the degree of coverage on the loan portfolio subject to transfer in the framework of the project “Up” and loans the object of the project “Porto”.

The project Up, as pointed out by the institute on 13 December, provides a de-risking, in two phases, to be completed by the end of the plan 2016-2019, of 17.7 billion euros of gross loans defaulted by a portfolio of securitized loans for which the bank will sell to investors a share homogeneous equal to at least 20% in the first phase in 2017. Instead, the Port project aims to improve the quality of the assets with maneuvers that have led to value adjustments on receivables, in the last quarter of 2016, for a total of about 8.1 billion.

a negative Impact also on the front of the supply. The sale of Pioneer and the investment in Bank Pekao, considering only the economic components recurrent, it will cause a contraction on a pro-forma for the first nine months of 2016 related to the intermediation margin and operating income equal, respectively, to 1.86 billion and 948 million.

For the experts of Banca Imi, taking into account the provisions extra, the fourth quarter of 2016 is expected to close with a loss of 10,35 billion. However, “despite the substantial hoverhang on the action, we retain our positive vision”, concluded the analysts, confirmed the ratings add and the price target to 30 euros.

In the registration document, also, we read how, in the framework of the Srep 2016, the european central Bank has highlighted a number of areas of weakness as the credit risk, in particular the high level of non-performing exposures, the liquidity risk, the risk connected to operations in Russia and Turkey, and the persistence of a level of profitability that is weak.

Therefore, within the next 28 February, Unicredit shall submit to the Ecb a “strategy of non-performing loans, supported by an operational plan to deal with the issue of the high level of non-performing loans”. Currently, Unicredit is subject to the four on-site inspections by the central Institute, and is waiting to receive the results of the audit by the Ecb relative to the market risk.

This afternoon a new board of directors of Gae Aulenti. The meeting will be used to develop the final details of the strengthening of the balance sheet on which it rests, the strategic plan set by the chief executive officer, Jean Pierre Mustier. According to press rumors leaked over the weekend, the fact rather unusual, that the capital increase started before approval of the accounts for the last financial year could be the reason for the meeting today: in the statement of the increase could be, in fact, have to enter some digits of the results in 2016. From here the need to proceed in the day, a preliminary examination of the accounts.

The management would like to launch the recapitalization by eur 13 billion at the beginning of next week, in order to close the transaction by the end of February. Another cda should be summoned for Wednesday next to the approval of the prospectus and the definition of the price range of the capital increase. According to the analysts at Icbpi (rating buy target price to 29 euros), the acceleration of the timing may be due to the desire of management to “take advantage of the good intonation of the markets, avoiding the risk of realizing the operation at most unfavourable conditions of the existing ones”.

The title Unicredit , rose 16.4% in the course of the last three months, today at Piazza Affari cede the 5,16% 26,28 euro.

The governor of the bank of Italy to ModenaFiere: “reforms are essential” – ModenaToday

“Stability and reforms are essential elements for the development. There are no shortcuts, especially for a country burdened by a public debt that is so heavy and structural problems so persistent as our own”. And this is the warning of the governor of the Bank of Italy, Ignazio Visco, during the annual congress Assiom Forex, the association of financial operators gathered today in Modena. “Second thoughts, delays, resistance continues, the Visco – are not lacking in some sectors, including banking, but is likely to have an impact on the conditions of the market, nullifying the progress made during the long crisis from which, though slowly and with difficulty, we are leaving”.

“In Italy, the recovery continues, albeit gradually, helped by the improvement underway in the global economy and by the orientation expansionary monetary policy. The conditions for the overcoming of the difficulties are particularly serious and some of the banks are raised, thanks to the tools defined and the measures adopted by the authorities”.

“The consolidation of the recovery and the strengthening of the banking system continues, Visco – are phenomena connected; based on the confidence of businesses, of families and of the international markets in the ability of our country to continue the reform process initiated over the last few years.” According to the president of the Bank of Italy, “to avoid that the trust be affected, we must continue with determination on the road not taken: improving the efficiency of the State, the wider public sector in legislative activity at the administrative level, in the provision of services to the citizens; creating – and concludes Visco – an environment favourable to business activities; promoting research and innovation”.

(SAY)

Food and drinks, the Italian prices higher than the average for the Eu – The Republic

The average prices for food, non-alcoholic beverages and tobacco in Italy are higher by nine percentage points compared to the european average and still higher than the average of Germany and Belgium while they are in line with those of the French: it is what emerges in the statistics of Eurostat just published, according to which higher prices for food and drinks, you are charged in Denmark (145% with respect to 100 of the average Eu-28) and the lowest in Poland (63%).

Italy, looking only at the price of the food, is above average for all the principal foods of 11 percentage points. But the gap becomes higher, 21 points, in the practice of a fifth, for the group “milk, cheese and eggs” (121). Looking out from the Eu is the most expensive Country for the only food is in Switzerland with 178 points against the 100 average of the Eu-28.

The average prices for bread and cereals are 18 points above the Eu average (the Uk is at 96 to the face of the 118 Italian, Germany 101) while the gap with the european Union is reduced for the fish. Thanks to the 8,000 kilometres of coast, the fish in Italy costs slightly less than the rest of the food (108) however, in the United Kingdom (105). The meat in Italy costs 12% more than the european average, as in the United Kingdom and less than in France and Germany, but, above all, much cheaper than in Switzerland (252). The Country where the meat costs less, Albania (52).

In Italy they cost slightly less than the average european oils and fats (97) while fruit and vegetables have an average price higher than the Eu (105). At the top of the prices for fruit and vegetables there is Sweden in the Eu (136), while Switzerland exceeds all with an average price greater than the Eu of 67%.

The highest prices for tobacco in the United Kingdom (219 in front of 100 of the average Eu-28), and lowest in Bulgaria (50%). In Italy smoking coast eight points less than the Eu average (92 versus 100) to buy alcoholic beverages almost as the Eu average (99).

Visco: “Stability and reforms are essential. For development there are no shortcuts” – the Newspaper

Stability and support for reforms are “essential elements for development, there are no shortcuts”. It is the recommendation of the governor of the Bank of Italy, Ignazio Visco, on the state of the economy confirms a gradual growth, of 1% on average a year by 2019, but cautioned that “the scenario is subject to risks”.

According to Visco, who spoke yesterday at the congress Assiom Forex in Modena, “second thoughts, delays, resistances – which are not lacking in some industries, including banking – at risk of have an impact on the conditions of the market, nullifying the progress made during the long crisis from which, though slowly and with difficulty, we are leaving”.

in order not To compromise the growth scenario, he warns, therefore, “should not be underestimated the consequences of an increase in the uncertainty about the political determination in the pursuit of an essential strategy of modernisation”. Visco in his speech, not to speak of public accounts, in the light of the latest demands from Brussels, and when he speaks about the banks, unable to face each other Intesa-General. He claims, however, the role played in managing the numerous banking crises of the last year, addressed the “constructive” and “transparent” with the participation of a number of instruments, from the recapitalisation public request from Monte dei Paschi, the private funds made for the purchase of suffering and the strengthening of the balance sheet, which is used to Populate Vicenza and Veneto Banca to end up with the four banks in the resolution, for which there was a “sale procedure is open and transparent, have been ev aluated all of the offers readily available, from every operator concerned, in italy and abroad”.

Also on the theme of the suffering we see positive signals, with the flow of new impaired loans, in 2016 fell to the lowest level since 2008, while the stock last June amounted to 191 billion euro, with recovery rates of 43%, according to the average for 2006-2015.

The management of these sufferings “it should however be approached with care – and feel – a large part is owned by banks in good financial condition who do not need to sell immediately in the market”. Intermediaries are more problematic, instead, “get rid of the lost of suffering inherited from the past is a necessary condition for the revival of the activity”.

In this regard, Visco called on Europe “an important contribution, a measure that will eliminate the disincentives to the sale of loans deteriorated for the banks that have advanced models for credit risk assessment”.

the credit institutions must do their part on a number of fronts: the challenge of technology that forces a “rethinking of branches and staff, restructure, join together to save costs.” The capital is remunerated adequately to be able to find it on the market quickly, in Italy and abroad. Thing that now it is not and not only for the interest rates to zero of the Ecb.

“The reforms forward, no shortcuts” – The Sun 24 Hours

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Understanding-General: to the bankers of the Forex would be a turning point for the Italy – Il Sole 24 Ore

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The Sun 24 HOURS encourages the readers to the debate and the free exchange of views on the topics discussed in our articles. Comments should not necessarily comply with the vision editorial de The Sun 24 HOURS, but the editors reserve the right not to publish speeches for style, language, and tones may be considered to be not suitable to the spirit of the discussion, contrary to good taste and can offend the sensibilities of other users. We will not, however, published contributions in any way defamatory, racist, abusive, obscene, invasive of the privacy of third parties and of the rules of copyright, commercial messages, or promotional, political propaganda.

Purpose of the processing of personal data

The data you provide to post a comment will be limited to the name and e-mail. The data are required in order to authorize the publication of the comment and will not be published with the comment, unless explicit indication to the user. The Sun 24 HOURS we reserve the right to detect and store the identification data, the date, time and IP address of the computer that published the comments in order to deliver them, upon request, to the competent authorities. Any further dissemination of personal details ’the user and those detectable by the comments posted must be understood directly attributed to the same user initiative, no other hypothesis of transmission or distribution of the same is, therefore, provided.

All the rights of exploitation provided for by law no. 633/1941 on the texts She has designed and developed and sent to us for publication, are You exclusively and definitively to our society, and which therefore have every right to use these texts, including – without limitation – the right to reproduce, publish, and disseminate through the press and/or with any other kind of support or medium and in any form or manner, even if not presently existing, and on its means, as well as to disclose to third parties any such rights, without consideration in Its favor.

Visco: the bottom 20 billion enough for the Mps and other cases – The Sun 24 Hours

MODENA – The strengthening of global growth continues, and could be strengthened, but there is also the risk that new protectionist measures could trigger global trade. While continuing the growth of Italy, which remains anchored to a projection of a point of Gdp a year in the three-year period 2017-2019, if the global expansion is not interrupted, and if the path of structural reforms will not be abandoned. This is the first message that arrives from the governor of the Bank of Italy, Ignazio Visco, in his speech at the 23rd congress Assiom Forex course in Modena.

“The improvement in the macroeconomic framework and financial presupposes in particular – has told the governor – that would not stop the reform process initiated in recent years. The consequences of the uncertainty about the determinations policies in the pursuit of an indispensable strategy of modernisation should not be underestimated”.

"The improvement in the macroeconomic framework and financial presupposes in particular that you do not stop the reform process initiated in the last years"

Ignazio Visco, the governor of the Bank of Italy

Also why is the yield differential between ten-year Btp and the corresponding German title is about “fifty basis points higher than the average value observed in the first part of 2016 and it widened the gap with Spain”.

The governor, who is entered in the last year of its mandate, has dedicated a large part of his report to the problems of the banking system, starting once again from the data of the sufferings. Impaired loans recognized in the balance sheet of the banks, net of adjustments, it was in June of 191 bn, 10.4% of total loans, noted Visco. By adding adjustments “you get to 356 billion of bad loans” this refers, however, to the face value of the loans and not their actual impact on the financial statements. Of these 191 bn net non-performing loans amounted to $ 88 billion, while the remaining 103 billion deal with situations for which, with an improvement in the economic prospects of a return to normality of the payments are more favourable.

Visco Forex: for the 2017-2019 growth to 1%, but there are also risks

Visco recalled that in the decade 2006-2015 the recovery rates of Npls have been 43%, despite many differences between the different banks. This rate is reduced to 35% in average in the two-year period 2014-2015, because of the “sales block” on the market to specialized investors for which in the decade considered, the average rate of recovery was 23%, compared to 47% for the positions closed in the ordinary way.

According to Visco, many of the measures adopted for a solution to the problem of non-performing loans are going in the right direction even if “it is still early to see the fruits as the effects are strongest in the new sufferings”. In particular, he stressed that an acceleration of the recovery procedures may derive from the portal of the public sales, by the automated register of pledges not owners, by the new enforcement procedures in bankruptcy, or by the extension of the "pact marciano" to consumers. And further improvements, he added, “can be achieved by increasing the specialisation of judges, workers in matters of insolvency”. While on the european front “, an important contribution could come from the adoption of a regulatory measure that will eliminate or reduce the disincentives to the sale of loans deteriorated for the banks that adopt the internal models and advanced risk assessment”.

"Stability and reforms are essential elements for the development"

Ignazio Visco, the governor of the Bank of Italy

To the Governor the decree of the “save the savings” constitutes “an important step in the exit path from the crisis that has hit the economy and the Italian banks and the entry of public resources in the Monte dei Paschi “will absorb approximately one-third of the 20 billion allocated by the Government”. Remain, therefore, “is space more than sufficient to meet the need of recapitalisation of the banks for which the conditions laid down by decree”.

The consolidation of the recovery and the strengthening of the credit system “are interconnected”, concluded the governor, stressing once again and with emphasis that “stability and reforms are essential elements for the development”. There are no shortcuts – were the last words of his speech, “especially in a country burdened by a public debt that is so heavy and structural problems so persistent”. “Second thoughts, delays, resistances – which are not lacking in some sectors including banking – at risk of have an impact on the conditions of the market, nullifying the progress made during the long crisis from which, albeit slowly and with effort, we’re leaving”.

© Reproduction reserved

Ignazio Visco Visco striglia the policy: “No shortcuts, stability and reforms essential for the uk” – The Huffington Post

Not quoting directly the political scenario is the chaotic, which is determined after the judgment of the Consulta on the Italicum, divided between the vote immediately, the elections in 2018, and middle way, but the call of the governor of the Bank of Italy, Ignazio Visco, from the stage of the congress Assiom-Forex, the doubts and the stalemate that beset the political forces is evident. Visco speaks of an uncertainty, that of the "political determination" in the field a strategy of modernization of the Country, on which it is necessary to raise the guard. The markets are no joke, the spread is rising, the rating agencies do not smile in Italy, the growth of Gdp to 1% in the next three years is subject to risks. All factors related to the same element, which is the common basis of a policy which speculates on which direction to take the Country to the uncertainty.

The Bank of Italy try to throw an item to address in a political debate fluid, where the tensions internal and external to the parties still do not perceive a solution to the triad of duration of the government-election law-voting. And this element is called stability. Don’t mess with the fire, in other words, because the Country is "burdened" by a public debt that is heavy and "persistent structural problems". Palazzo Koch, the road is a: stability and reforms. Concepts that Visco stresses many times in talking to the more than 1,400 delegates of the world financial and banking flocked to the Fair of Modena in order to understand where a world scombussolalo also by external factors, such as the protectionist policies of Donald Trump in America, and the interior, with the banks in trying to solve problems such as recapitalisations difficult and the disposal of nonperforming loans.

Visco plays the card of the straight bar, of the need to insist on reforms, “keyword” of the government Renzi and that today, with the executive led by Paolo Gentiloni, seems to have crumpled under the blows of a political debate, all aimed to understand if they rush to the polls tomorrow, or to wait, based on the outlook and the conveniences of the different political parties. The Bank of Italy invites, in fact, do not make the error of continuing in this impasse. The crisis is ‘ yes ‘ to the shoulders, but the recovery continues "gradually," and, above all, a stable and lasting growth is still to be written. That’s why, insists Visco, are not allowed "second thoughts, delays, and resistances".

Gdp +1% in 2017-2019, but the scenario is at risk The gross domestic product will grow by around 1 percent a year over the next three years, but emphasizes the governor of the Bank of Italy, this scenario is "subject to risk s". That’s why you need to consolidate the growth and investment should resume, but above all we must continue on the path of reform. The signs are all there, starting from the thermometer of the spread that clearly shows: the yield differential between the Btp ten-year and the German counterpart is about 50 basis points higher than the average value of the first part of 2016, and is expanded "not just" the gap with Spain.

the crux of The Npl for the banks. Visco: No sale immediate for strong institutions
The problem of non-performing loans must be dealt with "firmly", but it is necessary to put in field assessments, a case-by-case. For institutions more solid, in fact, according to the Bank of Italy, there is no need to surrender "immediately," the suffering on the market. "The mass of non-performing loans of Italian – stressed Visco – has been the object of strong attention, in addition to supervisory authorities, markets and international observers. Their management should be addressed with care".
The 20 billion of the Government to help the banks? "Enough,"

The resources made available by the executive with the decree 'save-save', equal to 20 billion euros, "are enough." No worries, then, for the Bank of Italy on the ability to cope with the available resources to the needs of other banks to put in place the recapitalisation. 20 billion, in other words, enough for the Mps and also for the other institutions in difficulty, such as the Popolare di Vicenza and Veneto Banca.

The concerns of the bank of Italy the policies of the Trump
The moves protectionist of the president of the United States, Donald Trump, can lead to similar interventions in other Countries and determine the risks to global growth. "The declared intention of the american administration to slow down or reverse the process of liberalization of trade, and the actions already undertaken to this end, are likely to trigger similar actions in other Countries, with adverse outcomes on overall growth," stresses Visco.

The reform of Popular banks, the governor of the bank of Italy defends the indefensible – The Fact Daily

"the end justifies The means". The arch-Italian Ignazio Visco, governor of Bank of Italy, at the end dust off Machiavelli and claim their actions in spite of the rejection of the Council of State, which in December suspended as a precautionary measure the circular issued by the National with the implementing rules for the transformation of popular banks in the spa and has suspended the term to the end of 2016 to launch such a transformation. The Council of State has referred to the Constitutional Court the reform, but in the suspension order, which had been censored, just the actions of the Bank of Italy, so much so that the insiders believe that the fate of the circular street of Via Nazionale is marked and that will be cancelled by the same Council of State as soon as you will come to the judgment on the merits and regardless of the pronunciation of the consultation on the reform, because the circular is an administrative act on which the Palazzo Spada, has full competence and full jurisdiction.

A harsh censorship to the circular regarding the suspension indefinitely of the right of withdrawal and the fact that it is attributed to the bank "the power to introduce exceptions to the provisions of the civil code and other standards of the law, thus giving life to a new form of delegificazione source negotiation". In other words, from when in here the administrative body of a bank may decide to suspend the rights of members in derogation from the provisions of the law? It is evident that the person who has written a circular construct that attaches to the banks of this immense power is suffering from megalomania and abuse of power. In fact, in the refer to the Refer to the reform of the popular banks, the Council of State emphasises that article 1 of the law assigns "to the Bank of Italy the power to regulate the mode of this exclusion [of the right of withdrawal, the ed], to the extent that such power is attri buted also in derogation to the rules of law". The point is that Via Nazionale is attributed to "a power of delegificazione in white, without any prior indication on the part of the legislator, of laws that can be waived". A rule written with the walk, which was followed by a circular, equally ill-written, that in addition to having improperly and unlawfully granted to the banks an enormous power, and unprecedented, also has a place of posts totally illegitimate which the prohibition to the shareholders to form a holding co-operative through which to continue to exercise control over the bank transformed into a spa. A ban, says the Council of State in its order – "no legislative basis" and "beyond that necessary to achieve the purposes of the reform, [is] a harbinger of a unreasonable disparity of treatment among the members of the former popular (deprived of the ability to exercise control) and any other entity that p articipates in the capital stock (which, instead, that possibility is recognized)".

Despite the heaviness of this censure, by the supreme body of administrative justice, before the audience of Forex Visco defends the indefensible ("the limitation of the refund in case of withdrawal aims to protect the integrity of the capital levels and is inspired by the european rules"). And, as said, is the supreme end (to facilitate "the strengthening of the balance sheet of the affected banks" and help "improve the governance"), in an attempt to justify the inadequacy and sloppiness with which the law and the circular of the implementation have been written. The risk that the reform might be rejected under the profile of the constitutionality, it seems not to concern the governor, who claims: "the reform of popular banks, which pursues objectives of efficiency, transparency and stability, has been largely implemented: eight out of ten of those with assets exceeding 8 billion have been transform ed into joint-stock company. The aggregation of the two of them gave rise to a banking group of significant size". It doesn’t matter that they have been badly trampled on the rights of shareholders and also probably different rules in the constitution. It does not matter that the members of one of the two banks that have "given rise to a banking group of significant size," they may have the challenged resolution of the transformation in spa and that there is also an investigation of the judiciary, which assumes various offences, including theagiotage. Little matter of the damage caused: what counts, to Visco, you have done what you had code to do with the security of remaining unpunished and even to claim from the top of his pedestal for their action. Chapeau!

Moody’s: wedding Agreement for negative rating General – The Sun 24 Hours

An acquisition diGenerali on the part of Intesa Sanpaolo that lead to the integration of their business insurance would have a negative impact for the credit rating of the insurance company. This is the opinion of Moody’s. According to the agency there would be some synergies, which, however, would have a lower incidence compared to the “reduction of the significant geographical diversification of the General, which is currently one of the major forces of the society” from the point of view of the evaluation.

General studies the comebacks to the plan Agreement

For Intesa Sanpaolo, continued analysts of Moody’s – the impact on the level of credit will depend on how will be financed the operation, which is not yet clear. The acquisition of General is a good opportunity for Understanding in order to expand its growth strategy in the managed savings and insurance. However, the operation involves a significant risk of running to the bank, given the complexity and size of the two groups.

A Lion less international
General – indicates Moody’s – currently has a financial strength ratings from insurance rating “Baa1″, which is a step higher than the sovereign, reflecting its broad international presence, which is important in particular in Germany and France. For this, the exposure of the General to Italy is limited to 35% of the gross premiums, although the company is a leader in the Country. For against Intesa is almost entirely focused on Italy and its insurance business is limited to the domestic market. The geographical diversification of the General, would be further reduced if it were sold certain of its foreign subsidiaries in the scope of the operation. This – noted the analysts of the agency – “is a plausible scenario, as it frequently happens that purchasers of large groups and complex formation of some of the assets that they have purchased”.

rock Climbing in General, the conditions of Messina

Dismssioni for Antitrust
a General note on the other hand, the report, is apparently taking measures to avoid that Intesa arrivals gradually to check out a share in the company as a prelude to a Takeover bid, as evidenced by the acquisition of 3,01% of the bank according to the Italian law leaves it up to Understanding the unique option of launching a formal offer of at least 60% of the shares in General. While noting that the financing of such a transaction is not currently clear, the agency also notes that with the operation the purpose of which would reach some of its strategic objectives, diversificherebbe the sources of profitability and there would be potential synergies in the life insurance and asset management. At the same time, on the other hand, the acquisition would lead to execution risk. Because of both General and Understanding have important activities in the Life in Italy (with market shares of 16% and 20%, respectively), their integration wou ld require some divestitures for antitrust. Moody’s believes, however, that the acquisition of General would also lead to more sales of products, Damages to the counters of the Understanding. Finally, the agency notes that the model of bancassurance has had different outcomes in various Countries. While it seems to work in France and Italy, in other markets such as the Benelux, the synergies have proven difficult.

"The model of bancassurance has had different outcomes in different Countries: while it seems to work in France and Italy, in other markets the synergies have proven to be difficult"

Terminated the Cda Agreement
in the meantime it Is finished in the evening, after almost 5 hours of meeting, the board of directors of Intesa SanPaolo. Officially the meeting was convened on the theme of the budget in 2017, and yesterday the to.d. Carlo Messina had explained that it would not be talked about in General but it is clear that the central theme remains that of a possible public exchange Offer (Ops) on the General. The market is still held to be plausible the hypothesis that in the next few weeks to be made an Oops. Or some other pattern of attack. Unless the bank decides to try to knock however, the door of the General to try to understand if, with a concerted action, can be those “combinations of industrial” referred to by the Ca’ de Sass when he confirmed the interest to the Lion.

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Padoan, steps the Eu would be a big problem of reputation for Italy – Il Sole 24 Ore

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Messina (Intesa): we are transparent, non-corsari – Milano Finanza

“our style is transparent, we do not do transactions by pirates or privateers. The leak about the strategic analysis that the administrator is working with the various possible alternatives suggested us to be explicit” with regard to the market. The ceo of Intesa Sanpaolo, Carlo Messina explained yesterday in Turin, on the occasion of the celebration of ten years of activity of the institute, the ratio of the campaign external growth of the bank, which would rise from the acquisition, presumably through a public exchange offer (ops), of the General .

“We are a bank that is not afraid of anyone, a group can generate a sense of belonging outside of Italy. But when we speak of our Country we always do it in Italian and not in French. Makes me laugh those who defend the italians and the French,” said the banker, with a clear reference to the number one of Unicredit Jean-Pierre Mustier and the group ceo of Generali, Philippe Donnet, who had tried to block in the bud the possible climb to the Lion of the Intesa Sanpaolo group by acquiring 3% of the bank.

Agreement “has reached levels of excellence, but we have still much potential to exploit and we can generate still value for shareholders,” added Messina. “There are times when duty of a ceo is to analyze the different growth options”. And as to the areas where there are development prospects, Messina talked about private banking and asset management, “in which we are leading with the potential great”, and of course, the insurance, the area with very good performances and that has a sense if it is integrated with the distribution networks for banking. We have networks very strong that provides us with the opportunity to grow in this industry.”

However, she continued to Messina, “the growth operations have a meaning if they create value and ensure the maintenance of balance sheet strength; otherwise, we stand”. The other condition to grow through acquisitions, “is to maintain a strong flow of dividends”. Finally, in the analysis of an operation of external growth is crucial to verify the correct price and the ability to create synergies after the acquisition. In short, Understanding “thanks to his position of strength has the time and a way to make evaluations more correct”. No desire to run, therefore, so much so that the banker reiterated that in the board of directors on the program today we will discuss the topic in General .

In the speech of Messina has found a place also thanks to the role of the two institutions that have inspired the creation of the institute, namely the Fondazione Cariplo and Compagnia di San Paolo. “Are strategic investors, long-term: it is stupid that in a time like this to reduce the share of banks”. The reference is to the law that requires foundations to lower the weight in the credit institutions to contain risk. “To remove a shareholder, the Italian, in a moment so it means to remove the points of strength and have shareholders stable is actually a element of strength.”
On the front of the stock exchange yesterday was a day of adjustment: there is a General ascent of 0.39% 15,63 euros per share, while the other protagonists, the direct and indirect of each other, have all lost ground: -3,19% to 8,505 euros Mediobanca , -2,17% to 2.25 euro, Intesa Sanpaolo and -0,51% to 29,22 € Unicredit .

On the other hand, beyond words pronuniciate from Messina to the markets closed, there were no significant innovations, to a rain of newly published reports by analysts, with the last adjustments on the rating and target price for General , in the case of an offer by Intesa Sanpaolo . In particular, Jeffries has calculated that a stew of General can be worth up to 30% more of the current capitalization of the Lion, setting a target price to 20.4 euros per share, such valuation, that divides the group in individual Countries and further in the areas of Life and non-Life, implies a multiple of 12.5 for the price/earnings ratio, estimated for 2017, numbers in line with that applied to the competitors of the average market capitalisation of the sector.

Rbc Capital Markets raised the rating to outperform from the previous hold, raising the target price to 17.2 euros from 12 euros. Deutsche Bank has brought the rating to hold from the previous sell. Finally, Natixis has announced a buy with target price to 16 euros. Also noteworthy is a report that Rbs judges to questionable and risky on the face of the execution, and the combination of the bank led by Messina and the insurance company of trieste: “Assuming cost synergies of 10% and no synergy of revenue, Rbs expects an roi (return on investment, ndr) of 10.4% in 2018, and an increase in earnings per share by 1.5% next year, with the Cet1 capital of Intesa Sanpaolo, which would be above 13%, while with the application of the so-called Danish Compromise (approach that reduces the impact of the insurance subsidiaries on capital ratios, ndr) is expected to increase to 15.8%.

that Said, yesterday, Fabrizio Palenzona, vice-president of Unicredit (which controls the 8,56% of Mediobanca ), convened at the Palace of Justice in Milan, where he had been called to give evidence in a process, he reiterated: “he said our amminsitratore executive officer, who is a serious person, and I will say it again: we do not sell the stake in Mediobanca “. In each case, the role of Unicredit in the game is not to be underestimated, and in fact, yesterday morning, a delegation of the manager of piazza Gae Aulenti has been convened in Consob, after which on Wednesday was heard by a delegation of Intesa . Yesterday afternoon it was the turn of the president of Generali, Gabriele Galateri. (reproduction reserved)