“The Governor of the Bank of Italy, Ignazio Visco, in unsuspecting times asked to arrive at prohibit the sale of subordinated bonds at branches so that only institutional investors could buy them and not simple savers". That's what it claims Salvatore Rossi, general manager of the Bank of Italy, in relation to controversy flared up after the rescue of Banca Etruria, Banca Marche, Carichieti and Carife. The operation caused serious losses to those who - probably without having all the necessary information - had invested in subordinated bonds of the four institutes, very high-yield and therefore also very high-risk securities.
In an interview with Corriere della Sera, Rossi stresses that it does not fall within Bankitalia's powers to "prohibit the sale of this or that product", because Via Nazionale does not have "such extensive powers" and "a other authority".
As for the controversy with Europe, "it is undeniable - continues the general manager of Palazzo Koch - however that there has been a diversity of views between the Italian authorities, the government in primis but also us, and Brussels, or rather the Directorate General for Competition . It is the latter which in fact pushed us to follow the path criticized today which led to the rescue of Banca Marche, Carife, CariChieti and Etruria”.
Brussels has given Italy three alternatives: “The first – explains Rossi – involved the liquidation of the banks” and would have meant “putting up to 12 billion against today's 800 million, shareholders: bondholders of all categories and even depositors would have been involved. Not only. When a bank fails, those who have applied for a loan or a mortgage are called to repay it immediately. Think what would have happened to the thousands of business clients of those 4 banks…”.
The second alternative is "the one that was adopted", while the third "provided for the intervention of the other Italian banks through the Interbank Guarantee Fund, but we were in fact prevented", because "we were told that if we did that, Italy would have to undergo an infringement procedure for state aid. Although the Fund is private and paid for by private individuals such as Italian banks”, concludes Rossi.
