Italian Biggest News: Decree banks, at the start Bcc reform with single holding company and a guarantee on impaired loans

Thursday, February 11, 2016

Decree banks, at the start Bcc reform with single holding company and a guarantee on impaired loans – Il Sole 24 Ore

History of the article

This article was published on February 10, 2016 at 17:35 hours.
the last change is the 11 February 2016 at 10:13.

the Council of Ministers approved on Wednesday night the decree banks with the rules that translate the agreement with Brussels on the state guarantee on impaired loans and the reform of the cooperative credit, waiting for months. The decree also contains concessions on judicial sales, with stops throughout 2016 to registration tax. A measure that “is worth more than 200 million and is a message to simplify the issue of problem loans,” said the premier Matteo Renzi at the end of the CDM, which ended just before midnight after about three hours of meetings. Also it approved “the bill of reform of bankruptcy law” that “tomorrow the ministers Guidi and Orlandi illustrate. There will Padoan engaged “in Brussels. “From the banking system tomorrow morning is more solid,” he annotated the premier.

“The package of measures – explains the note of Palazzo Chigi – fits in the large renovation design of the Italian banking system in order to strengthen it, make it more resistant to shocks, putting the institutions in the conditions for adequate funding of the real economy and thus boost growth and employment. ” In the decree passed yesterday there are no measures to start the compensation via arbitration to savers who held subordinate bonds of the four banks came into resolution with the decree of last November 22. The premier has denied that it is a shift: the road to the adoption of the mechanism of reimbursement is that provided in the law of stability (a Cabinet Decree and a Ministerial Decree, ed). “The lyrics are almost ready – said Renzi – and will be launched in the coming days.”

Bcc, holding company with minimum capital of at least 1 billion
The credit cooperative sector reform obliges the BCC to join a cooperative banking group that has as a parent company with a heritage of no less than 1 billion euro. “The remains of the BCC model but must stay inside a system that will have more strength and solidity,” the premier said at the end of the CDM.

For option “way out” serving € 200m reserves and tax 20%
The Bcc that it will not join a banking group, the statement said, may do so provided which has reserves of a significant amount (at least 200 million) and verses extraordinary tax of 20 percent on the same reservations. But it can not continue to operate as a cooperative credit bank and must approve its transformation into a spa. Alternatively, it planned liquidation. The majority of the parent company’s capital is held by the BCC group. The rest of the capital will be held by homologous subjects (European banking cooperative groups, foundations) or destined to the capital market. The Bcc who currently have reserves of 200 million “is a more or less ten. It does not mean that all should go out, but they have the ability to do that, “or turn into Spa. So Economy Minister Pier Carlo Padoan at the end of the CDM, pointing out that in any case” there are 18 months of approval of the measure ‘to make the choice, “long enough to raise the threshold, does not freeze anything today.”