A few weeks ago I wrote a piece which, having as its theme the packaging of the self-reform of the cooperative credit system, was entitled "The difficult trade of the tailor". Today I should take up that metaphor and call it "The crazy tailor". In the meantime, in fact, on the work table of our imaginary craftsman, the paper models, a prerequisite for moving on to the final cut and stitching of the garment, have multiplied and jumbled up, to the point that confusion is maximum and it is even complicated to distinguish one from the other. 'other.
I counted at least six or seven, proposed by as many central and peripheral components of the cooperative banking movement, none of which seems to prevail at the moment. In any case, I apologize if, quoting them, I have forgotten someone, perhaps that came out just as I am writing. The hendiadys that can help summarize them are: mandatory vs voluntary adherence to new schemes, i.e. compulsory conscription or free exit, uniqueness/centralism vs pluralism/decentralization, i.e. unity is strength, but it is also true that more flower beds express the biodiversity of banking localism. Finally central cooperative or banking group SpA, that is to say whether the associative soul of the movement should prevail rather than the entrepreneurial spirit of its articulations. But I tell you again that I'm not so sure I know how to grasp the actual differences among so many suggestions. So please once again don't criticize me.
As for the protagonists, I list them in no precise order: the initiative of Federcasse, that of the last few days of Iccrea Holding, one initiative each of the Central Bank of Trentino and of that of Alto Adige, the proposal of the BCC of Rome, that of the BCC Centro Padana , as well as the now historic, given the years that have passed since its first public outing, of the Tuscan Federation with its very affectionate joint cooperative group. Among the various groupings, there is also that of the BCCs to consider, which, with valid reasons, propose to escape the logic of every grass in a bundle and seek to explore the implications of a transformation into a cooperative bank or joint-stock company.
This does not seem to lead to system self-solution, given that the necessary compromises would require each of the proponents to give up essential parts of their reforming ideas. But, as in politics, even in the bank it is not advisable to cultivate certainties. It may be that in the end some "unitary rabbit" comes out of the cylinder which at the moment contains many, but it seems to me increasingly probable that an arbitrator, a decision maker, a "tailor of tailors" is needed, who authoritatively, from outside, gives a solution to the problem. And so the political value of a movement which, recognizing its own criticalities, autonomously and with determination promotes its overcoming is definitively lost. And with it the authority.
It goes without saying that the "magister sartorum" can only be, on the basis of their respective competences, the combination of the Government and the Bank of Italy. The second point, on the other hand, concerns what is missing from all the proposals for the renewal of Governance made known up to now. I will not tire of saying that there is no industrial project which, by intervening on the development prospects of cooperative credit, will give support to the changes in Governance. A new Governance without a valid Industrial Project is lame, a valid Industrial Project without a new Governance is blind. There are many ideas from industrial projects. These range from the need to relaunch and expand the business, to investments in technology, to the strengthening of the professionalism of employees and top management, to the consolidation of too numerous entities in the galaxy, to the downsizing of the distribution network. And so on.
But perhaps more reasonably we should at least talk about how to secure the cooperative credit system itself with an extraordinary plan aimed at simplifying and relaunching its configuration. The quantity of doubtful loans is so significant even with the Bccs that today awareness should shift to the macroeconomic nature of the interventions necessary to mend not so much the individual companies, but the movement as a whole. Instead, the sensation of a continuous game of goose that always returns to the initial square prevails. The fascination exercised by the models of the new Governance prevents us from dealing with increasingly necessary structural changes. With which delays and inefficiencies are likely to pile up further. Excuse me again, but the saying comes to me on impulse that while in Rome and other places in Italy there is endless discussion of self-reform, Sagunto, or the cooperative banking system, is weakening even more.
And quoting from memory, Einstein also comes to mind on the logical contradiction of entrusting the solution to the problems that they have contributed to generating to those responsible for current critical issues. Then there is a third point which concerns the concern that is felt to quickly close banking crisis situations of large CCBs, before the new European framework on crisis resolution and deposit guarantee funds enters into force, which it will revolve around the threatening bail-in, which is becoming almost commonplace in discussions and in the press, with no consequences on bank depositor confidence to date being experienced. It is good that these latter operations take place with maximum transparency and economic/financial sustainability for the whole movement, considering the conspicuous commitment of resources required by these bailouts and the emergence of not exactly edifying cases on the part of somewhat cheerful bank management, stay tuned for years without effective controls.
Finally, the inspection at Iccrea Holding has just been completed, one of the first tests of integration of the new European supervision with national supervision, concerning, as far as we know, the Governance and Technology of that banking group which has become systemically important. I believe that there is, among the insiders, curiosity to know the results. Everything else, the great Califano would have sung, is boredom and not joy.
