Today, Wednesday, was a decisive day for the future of Popolare di Vicenza and Veneto Banca. After the go-ahead from the Senate Finance Committee, which also voted for the mandate for the rapporteur, the decree law which prepares the compulsory administrative liquidation has arrived in the Chamber, where the discussion is underway. It should arrive on Thursday the vote of confidence, decisive step to be able to achieve the integration of the two institutions into Intesa Sanpaolo.
Venetian banks: investigations into Zonin closed
Important news also on the judicial front. In fact, the notice of conclusion of the preliminary investigations regarding the investigation into Banca Popolare di Vicenza opened by the prosecutor was filed today, 26 July.
Seven suspects, including the former president of the Vicenza bank Giovanni Zonin and the former general manager Samuele Sorato, as well as the bank itself. Among the hypotheses of crime there are market manipulation and obstruction of the performance of supervisory activities.
Venetian banks, penalties for managers
Among the agendas approved by the Finance Commission, the one that asks the government to favor "the timely adoption of legislation on liability of directors of failed banks, with particular regard to the responsibilities of top management".
The agenda follows the line already indicated a few weeks ago by the Minister of the Economy, Pier Carlo Padoan, who during a parliamentary hearing had expressed a favorable opinion on the adoption of possible sanctions against managers responsible for offences. Thesis reaffirmed on Wednesday during the question to the Chamber on the Veneto banks: "I have already clearly expressed my convinced support that the damage caused correspond to severe and adequate sanctions for the liability of directors guilty of the instability". However, the number one of the Mef specified that: “Strict sanctioning instruments are already provided for by our legal system. My hope – underlined Padoan – is that the judiciary and the supervisory authorities apply them in the most rigorous and severe way possible”.
According to the intentions, the new discipline will therefore have to tighten the penalties for those guilty of the crimes ascribed and recognize the "conditions in which the responsibilities entrusted to the directors have been carried out in specific situations with a view to business continuity".
Veneto banks: protection for savers
Also in the Senate, one of the approved agendas calls on the government to safeguard measures also for small shareholders, so that they can obtain "a fair treatment of relief for all investors involved and penalized by illicit behavior in the management of banks and which have caused the crises of the banking system which have followed one another in the last two years”.
At the same time, the same agenda asks the Government to evaluate "the appropriateness of envisaging measures aimed at protecting small savers who have invested as a result of placement operations and the execution of orders to sell shares implemented against them, with little transparency and without the necessary information on the degree of risk of the institutions".
But Minister Padoan, who spoke to the Chamber, did not freeze expectations. the economy minister recalled the measures adopted to safeguard the rights of employees, account holders and savers with ordinary bonds, together with the forms of relief granted to customers "induced to purchase subordinated bonds through improper practices". But he was clear towards those who bought shares: for small shareholders "there is no possibility of derogation because - he underlined - those who buy shares in a company, even in a bank, assume the high risk of seeing the investment".
Despite "even small shareholders can be considered victims of illicit behavior - declared the minister - the effects of their choices and improper behavior by directors cannot weigh on the pockets of all other taxpayers".
