If it is proved that they have actually been duped by the bank, the lowest-income savers and the most recent subscribers of subordinated bonds canceled by the bankruptcy of the four banks in crisis (Banca Popolare dell'Etruria e del Lazio, Banca Marche, Cassa di Risparmio di Ferrara and savings bank of Chieti) will take precedence in the repayments envisaged by the 100 million Solidarity Fund wanted by the Government with an amendment to the Stability Law.
These are two of the main criteria of the Fund, which will not be financed by the State but by the banking system and which will not see Consob as arbiter of cases of possible savings betrayed by the 4 banks to proceed with compensation which will only concern natural persons, individual entrepreneurs and not companies between . But here are, point by point, the criteria with which the Fund will proceed with the repayments, premising that during the parliamentary examination of the Stability Law, the text and the final rules may change and that only a subsequent decree will govern the conditions in detail of compensation.
WHO THE REFUND GOES TO: WATCH OUT FOR THE ISEE - The compensation will not concern companies but natural persons and individual and agricultural entrepreneurs who will have to present a request form to the 4 banks by which they believe they have been duped with the subordinated bonds reset and which in total have a value of 788 million euros. The cases will be examined one by one by the arbitration board on the basis of various criteria, including above all income, in order to give priority to less well-off savers. The Isee declaration, the so-called rich meter of families, will be authentic. However, we are also thinking of evaluating the extent of the losses with the total amount of the assets of each individual applicant.
REFUNDS CAP - The implementing decree will also have to set a refund cap in order to widen the audience of those entitled. The compensation should be of the order of 30% and not exceed a few tens of thousands (30 or 40 thousand) of euros.
HIGHER REDEMPTION TO RECENT SUBSCRIBERS - The duration of the investment in subordinated bonds will also have a significant influence on the amount of repayments: it will have more who subscribed to the bonds recently because those who have held them for a long time have had the opportunity to receive rich coupons in the past that new subscribers have not been able to collect.
LOWER REDEMPTION TO THOSE WHO RECEIVED MORE - Those who have low or medium yield subordinated bonds in their portfolio that have been canceled by the bankruptcy of the four banks will receive more than those who have had high yields from the bonds in question, on the assumption that those who have subscribed bonds low-yield not only received lower coupons but, probably, he was not even fully aware of the riskiness of the investment made, unlike those who went so far as to favor high-yield and high-risk bonds.
THE ARBITRATOR WILL NOT BE CONSOB – It will not be Consob who decides who is entitled to the refund and who does not, but a third party chosen "among persons of proven impartiality, independence, professionalism and integrity: everything will be governed by a decree which will establish in detail terms, procedures and methods for requesting compensation.
