Decree banks, final go-ahead by the Chamber – The Republic

MILAN – compensation to investors who have been reset bonds and shares of the four banks (Banca Etruria, Banca Marche, Carichieti and Carife) saved by decree in November 2015. New tools for the recovery of debts by banks. They are the main pillars of the decree banks that received the final go-ahead of the Parliament, after the approval of the House as a result of the confidence placed by the government.

tab. The decree on repayments and banks

Deputies has approved definitely the decree banks-savers. The measure, on which the government has placed the trust voted yesterday, was approved the same text of the Senate with 287 votes in favor, 173 against and three abstentions. The approval comes as the credit system is in the spotlight: the bank stocks have lost a lot on the Milan with the outcome of the referendum on Brexit, but in the last hour are experiencing a recovery. The government, meanwhile, has put on the table of the talks with the EU can take direct action to prop up institutions and solve their problem of suffering, without running into the bail-in rules that would address in because savers and investors. A move that has also suffered the push of Dragons, for which “we can not solve the problems of the banks.”

As for the savers of the four banks in resolution , is stretched four to six months the time during which the bondholders may submit the request for the refund is made by 80% of the lost amount. The access to the automatic refund policies are a transferable assets of less than EUR 100 thousand or income for income tax of less than 35 thousand euro and the reference to ‘gross’ income has been replaced with ‘total income’: will assess income from 2014 instead of 2015. When asked refund the investor has to include the purchase contract of subordinated securities; application forms or purchase order; the certification of the orders executed and a statement on the consistency of the movable assets. Remains valid alternative way of arbitration. But this choice does not like consumers Union: “It ‘unacceptable force you to play Russian roulette, choosing beforehand if waive its rights, accepting 80% of what lost, or play the lottery arbitration, hoping to win. a shameful prisoner’s dilemma, “says the president Massimiliano Dona.

the decree law regulating compensation also introduces new guarantees that will enable to banking institutions to speed up the recovery of debts. It is, in particular, the securities possessory pledge not and the long march. The first measure is a guarantee of credit in which the debtor, unlike in the possessory lien, not dispossessed of chattel. During the Senate’s consideration was subject to the possibility for the creditor to promote conservation actions or injunctions if the debtor abuse in the use of the good that remains in their possession. Have also been introduced, in the same venue, rules on the opposition to the collection.

As for the transfer of ownership or property rights provided for in the long march has been extended, in ‘examination to Madame palace, from six to nine months the deadline, the non-payment of three installments not necessarily consecutively, after which triggered the failure. A term extended to twelve months if you have already returned the loan in an amount equal to at least 85% of the principal amount. There remains the possibility of applying the measure also to contracts already in existence at the date of entry into force of the provision.

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banks decree

banks refunds

Italian banks

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