Extraordinary summit at Palazzo Chigi on the banking emergency. The meeting was attended by the Minister of Economy, Pier Carlo Padoan, the governor of Bankitalia, Ignazio Visco, the heads of Cassa Depositi e Prestiti Claudio Costamagna and Fabio Gallia, the CEO of Unicredit, Federico Ghizzoni, the CEO of Intesa Sanpaolo , Carlo Messina and Giuseppe Guzzetti, president of Acri.
Considering the vicissitudes experienced by the Italian banking sector in the last period and the banking decree under discussion in the Senate, it seems probable that among the topics under discussion there was that relating to the disposal of bank bad debts. At this juncture, notwithstanding their net entity has been reduced to 80 billion net from the previous 200 (gross) taken into consideration, there are still 40 billion that institutions have to get rid of.
To the bad debts are added the uncertainties regarding capital increases scheduled in the coming months, first of all the 1 billion euro Banco Popolare. The recapitalization was requested directly by the European Central Bank in view of the merger with BPM. On 7 May, the shareholders' meeting to be held in Verona will be called to approve the operation. Subsequently, the Board will have 18 months to start it.
Even more difficult is the situation of the other two Veneto banks (Popolare Vicenza and Veneto Banca) which, according to leaked rumors, would have been the subject of discussion during today's maxi-summit. As for the People of Vicenza, the 1,76 billion euro capital increase could start on 11 or 18 April, but the postponement to a less complex market phase still appears probable. A choice that could also do good for Unicredit, the sole guarantor of the operation (no consortium has been set up) which in the event of an unopted choice would have to take charge of the entire amount on its own, with the risk of undoing its balance sheet, but a postponement requires the authorization of Frankfurt.
The situation of Veneto Banca is also problematic which, at the request of the Stock Exchange and Consob, postponed both the capital increase and the listing on the Stock Exchange by a couple of months. Both operations will take place only after the approval of the financial statements and the renewal of the corporate bodies. Despite this, CEO Cristiano Carrus reiterated his willingness to land on the stock exchange by next June. At the same time, the Treviso bank will try to find an institution with which to merge.
On the basis of some rumors published by Milano Finanza, during the meeting there was also talk of the possibility of an intervention in the increases also of the CDP in search of a systemic solution that could involve not only the two Venetian companies but also MPS and Carige.
Finally, it should be remembered that, after the approval of the Chamber, the decree containing the reform of cooperative credit banks it passed to the examination of the Senate which should definitively dismiss the text within the next 10 days. The decree expires on April 15.
