Here is the new home of the BCC – Avvenire.it

Just missing the final yes of the Senate, which must arrive by April 15 to meet the deadline of the conversion into law of the government decree. Then, at that point, the reform of cooperative credit banks (CBs) will be definitively approved. It is a fundamental reorganization, started with a proposal for self-reform elaborated by Federcasse (the industry association) and that the version now before the Senate receives in on the main points.

But what It provides for the reform? And what will change for cooperative credit banks? First of all with the measure will be born a leader of the BCC, in the form of Spa, whose capital threshold is set at one billion euro. The accession of the individual institutions (currently 363) to this holding is the condition for the release by the Bank of Italy authorization to carry out as a cooperative credit bank.

The Bcc contrary to entry into one group, not to be part of it, will have to meet certain characteristics and make a choice within 60 days of the conversion. Until mid-June, then, will benefit from the way-out mechanism (way out) those with a net worth of at least 200 million euro (to be calculated on 31 December 2015) and for which they will pay a 20% as a special tax to the State. To have these requirements, on paper, are 14 Bcc. But you think that will be much less those who do not join the joint project. It has exceeded even the rock of indivisible reserves remain so thanks to the separation of banking from the coop. The latter will still have to change its mission, as will no longer operate in the credit sector. Finally, there is a right of withdrawal from the holding company for those who want to go out at a later time. At that point, no more way out: liquidation or transformation into Spa (obviously leaving reserves). Law of excluded middle.

The link between the parent company and the BCC members, however, will be through contractual agreements called “cohesion policies”, which regulate the powers of the parent company of each individual member bank. Powers that will be more or less stringent depending on the risk level and good management of each institution, therefore, through a policy of “worthiness”. The holding of the capital will be owned as to 51% by institutions that are part of it. Although the Ministry of Economy – consulting the Bank of Italy – may provide in certain exceptional cases which may fall under the majority stake.

As for the system, the reform represents an “Italian way” to banking cooperation in the changed regulatory environment and European financial. A balanced integration model – new in both form in the method – but with which you want to maintain the autonomy of mutual originality. It ”s the challenge: to grow and change – to stay on the market for players – but at the same time enhance biodiversity of banks that support local economies. The reform, however, will have the benefit of bringing together almost all BCC within the same “home”. So the cooperative is about to become in effect the third banking group in our country and the first to supply a fully Italian capital.