Saving Mps, here is the decree – Techcrunch.it

A new decree, ‘save-banks’, which comes a little over a year from what it has sent to the resolution those who have become the ’4 banks’ (the old Banca Etruria, Banca Marche, to Carife and Carichieti) and that will allow you to open the umbrella the public on the Mps – but not only – if it will be certified the failure of the increase in private of Siena. The government is ready to launch the fifth interlocutory injunction on the banking system by 2015, after the reform of the popular, reform of the Bcc, the first ‘save-banks’ and the public guarantee on the sale of the loans (Gacs). The decree once again will be an ‘omnibus’ bank, and does not contain only the creation of the fund by 20 billion to support banks in difficulties is ensuring the liquidity and by strengthening the heritage. On the front of the warranty with the decree, you should activate the scheme approved by Brussels in the summer (to be activated until t he end of 2016).

The Eu had given the go-ahead to a warranty of up to 150 billion but it could be put into the field approximately half of these resources, which will not affect, however, on the balances of the balance sheet until the guarantee will not be really operating. Other than the address of the 20 billion of the new fund that the government has called ‘save-save’, which, if used, increases the debt and for this he needed a authorization ad-hoc Parliament, collected with the support of Forza Italy on Wednesday. In the decree should, however, be only indicated the birth of the fund without reference to specific cases. The parachute could in fact serve not only to Siena, but also for the two popular in the veneto region or for Carige (but we also speak of institutions and the smallest). All ‘cases’ that will be assessed from time to time and that for the saving of the State may be in need of the ministerial decrees of implementation of the individual projects.

The decree should also detail how they will be protected by the bond holders retail, called, in the case of public intervention, to participate in losses (burden-sharing). In the case of Mps there could be a refund more generous than that of the 4 banks through ordinary shares. But still we would be refining the mechanism. The text should also contain the extension of six months of the period within which banks are obliged to transform itself in the Spa, now attached to the 27th of December, even if the term was ‘frozen’ already up to the 12th of January by the intervention of the Council of State. They would then be introduced to some of the other measures that were not passed with the operation, the possibility for the Bcc to use the deferred tax assets (Dta), to amortization in 5 years of the resources paid to the resolution Fund.