An 80 million euro solidarity fund (40 guaranteed by the State and as many by the banking world) to help subordinated bondholders who lost their savings following the bailout of Banca Etruria, Banca Marche, Carife and Carichieti. The Government's amendment to the Stability Law provides for it, which Treasury Minister Pier Carlo Padoan will now illustrate to Prime Minister Matteo Renzi. The proposed amendment will be filed today in the Budget Commission of the Montecitorio before the hearing of the Minister of the Economy, scheduled for 20pm.
But who will receive this "refreshment", as the Premier defined it? Consob (and in particular the new out-of-court dispute resolution body) will assess the damages suffered by the 10.350 small savers involved on a case-by-case basis and decide who will be entitled to compensation. Among the requirements necessary to access the fund, the most important will be the state of poverty of the saver. The ISEE, the index of the equivalent economic situation, could also be taken into consideration.
