Managers of troubled banks supported by the state will be imposed a upper salary limit. An amendment to the savings decree approved on Monday evening by the House and Senate Finance Committees. The provision passed by the Government to secure the banking system will arrive in the Senate floor this afternoon and should be converted into law by 21 February.
In detail, the amendment on the salary cap for managers provides that, in the event that the State intervenes in the recapitalization of a bank in crisis, as happened to Banca Mps, the MEF can decide a "limitation of the total remuneration of members of the board of directors and senior management“, in addition to the “revocation or replacement of the executive directors and the general manager” in office.
Green light from the commission also to the reopening until May 31st the possibility for the savers of the 4 banks placed under resolution to request a lump-sum refund. The novelty was approved in yesterday's night session with the reformulation of two amendments, one signed by the M5S and the other by the Pd.
However, the amendment by the president of ABI Antonio Patuelli on the "Blacklists", which asked for a list of the names of the major debtors of the "saved" banks to be drawn up. Green light only to the part that obliges the Mef to make one report to Parliament every 4 months only on the "risk profiles" of large debtors (those who have non-performing debts for more than 1% of the bank's assets) and not even to reveal their names. It will then remain to be seen whether to extend the threshold that identifies the audience of the riskiest profiles.
Voting on the package that establishes the methods for calculating is expected today the value of the shares of institutions applying for public aid, but which have been suspended from trading on the Stock Exchange for a period of more than two weeks. In this case the value will be equal to the lower of the average price of the last 30 trading days and that determined by the procedure to which unlisted banks are subjected.
The package also aims to make the burden sharing, i.e. the distribution of losses between shareholders and bondholders in the event of the resolution of a tax-neutral institution. The 15% discount on the shares delivered to the holders of subordinated bonds should be confirmed, while for the newly issued ones that will become the property of the Treasury after the public intervention it will be equal to 25%. Furthermore, if the institution concerned repays the state liquidity guarantee within two months, it will be able to avoid presenting a restructuring plan.
