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The decree on the banks and the attempt (now stalled) to intervene in the loans in belly institutions are raving at Mediobanca . Whose CEO Alberto Nagel , presenting financial analysts quarterly results of the group, said he was “ impression positively” by the measures of the government Renzi, who has shown a ” attitude pragmatic and not ideological to the structural problems of the banking industry. ” So much so that the number one Piazzetta Cuccia hopes that the actions undertaken so far are just the beginning and will follow many others are able to “bring gradually but more quickly than expected Italy to the average” of other countries on this issue. Especially after the initiatives on the creation of a bad bank Italian, currently stalled because the European Commission is evaluating the risk State aid , Nagel is hoping for a ” shortening of bankruptcy in terms of timing and the recovery of claims. ” This is the reform, anticipated by the Minister of Economy Pier Carlo Padoan , which should reduce the time of the dispute: another way to make more attractive the entry of private investors into the market of “non-performing loans “.
Mediobanca, which is preparing to sell the shares Pirelli and Telecom , has closed the first quarter 2015 recording the best result of the last five years: the ‘ Net rose to 205 million against 100 for the period from October to December 2014. The first nine months of 2014 to 2015, which will end on June 30, have recorded an income of 466,000,000 , up 18 percent, thanks to the increase of the Net interest income (+ 4%) and commissions (+ 31%). Always between September 2014 and March 2015 the group returned to the European Central Bank 5.5 billion received in the old auction liquidity, redemption, however, offset by new funds (5.1 billion) achieved in the field of new refinancing operation at low interest rates dall’Eurotower launched last fall. In the same period the value adjustments on loans fell from 460 million to 410 million, as a result of a decline in both the impaired assets is the net NPLs . The first are down 14%, to 1.17 billion, while non-performing loans decreased by 10%, to 265 million.
In contrast it fell 340.4000000 to 233.2000000 intake of subsidiaries . E ‘is the result of the lower contribution of the Assicurazioni Generali , fell 173.7000000 to 133.7000000 because of write-downs that have impacted on the results of the company in 2014, and the decline in earnings from the sale of shares. In the first nine months of last year were 219.8 million, while now stop to 116.5 million. As for the General, whose Piazzetta Cuccia has 13.2% , Nagel has slowed on the assumption that in the statute of the company to introduce the multiple voting , which would benefit the members of the long term and which were in favor of the other shareholders De Agostini and Caltagirone . On the topic, said Nagel, we must confront the institutional investors (from Blackrock , the third shareholder of Lion of Trieste 2.6%) who tend to oppose the doubling of the weight of shareholders who do not invest fresh capital in companies.
As for other investments, Nagel anticipates that between July and September dispose of its shareholding in Mediobanca Pirelli , of which they are about to become majority shareholders of the Chinese ChemChina. The ad also confirmed its intention to sell by autumn the share in Telecom Italy now held through the “box” Telco , which should melt by June 30, and that the bank will have to that point the 1,64 percent. Meanwhile a shareholder enters the Vivendi Vincent Bolloré , a shareholder of Mediobanca, which according to the Piazzetta Cuccia “enable Telecom a long-term strategy more consistent because seconded by a stable shareholder “. On the RCS , however, the sale of the remaining 6% of the publisher of BBC will depend on the value of the stock: “In below a certain level we did not care to dispose of securities at above will complete “the sale, said Nagel.
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