A bond to counter the mafia and usury. This is the idea of Banca Etica which on 25 August started the placement of a subordinated bond loan. The goal is to collect 2,5 million euro of resources to be allocated to the financing of organizations involved in the redevelopment and reuse of assets confiscated from the mafias and in initiatives to promote legality and prevent usury.
A commendable project that becomes all the more important if we consider that, in the current pandemic period, the Libera association has signaled a growth of +6,5% in crimes committed with the mafia method intended for usury in the first half of 2020.
“The social reuse of assets confiscated from the mafias is one of the most effective and meaningful forms of combating organized crime: in the nineties, after the season of mafia massacres, a popular petition (promoted by the newly established network of profit “Libera”) signed by over 1 million citizens gave impetus to parliamentary action which led to the approval of Law no. 109/96 on the social reuse of confiscated assets”, explains Banca Etica in a note.
A recent report dedicated to 25 years of that revolutionary law shows that they are beyond 35.000 real estate confiscated, of which over 14.000 destined for local authorities. About 10.000 were earmarked for social purposes. "To achieve the effective social destination of the confiscated assets, there is a need for financial resources to be allocated to the restoration of the structures and their management", underlines the Institute which in 2020 supported 24 organizations involved in legality issues through funding for a total of 2,8 million euros and disbursed microcredits for approximately 1,8 million euros to individuals as part of anti-usury agreements.
“This subordinated bond loan is part of Banca Etica's commitment to financial inclusion. A commitment defined in the three-year Strategic Plan approved this year – he explains Nazzareno Gabrielli, deputy general manager of Banca Etica – The plan provides for the strengthening of the partnership with PerMicro and the involvement of other bodies capable of intercepting subjects at risk of financial exclusion: anti-usury foundations, microcredit institutions and other intermediate bodies suitable for bringing the area of financial exclusion closer to that of the inclusion, through the action of ethical finance, such as Confidi, MAG, social associations and small cooperatives. Intervention through microcredit integrates and strengthens the "instrumental" action of finance. A finance that chooses to support people and organizations that are actors in economies of legality capable of countering the causes in the area that favor mafia and criminal dynamics in perfect line with the meaning and distinctive specificity of ethical finance.”
