No agreement was reached on a joint report by the commission of inquiry into the banks, which met on Tuesday morning. At the end of the bureau, the parliamentary groups will each present their own documentation. The Commission kicked off in October 2017 and retraced all the most important facts of recent years from Mps to the crash of the Veneto banks up to 4 (Etruria, Banca Marche, CariChieti and Carife) put into resolution by the government in 2015.
Despite the efforts of President Pier Ferdinando Casini to arrive at a shared text that takes general requests into account, it was impossible to find an agreement. Beyond free and equal, which for some time had already slipped away from supporting a shared document, even the Movement 5 Stars he called himself out: “We are inclined not to vote on the report of the commission of inquiry into the banks” commented Carlo Sibilia. “There are no responsibilities in the document, – explained the Sibilia grillino – there are no refreshments for savers, we cannot accept that after two intense months of work this is the conclusion”.
The draft report of the commission developed by Casini on the basis of the requests presented by the various parliamentary groups revolved around various important themes, we report the main ones.
MORE POWERS TO BANKITALIA
Review of the functioning of banking supervision. Rules aimed at ensuring constant and effective exchanges of information between national supervisory authorities. The overcoming of the current hybrid supervisory model (sectoral and by purpose) with the transition to the model by purpose (so-called "Twin Peaks")
FINANCIAL CRIMES
Establishment of district prosecutors for financial crimes and a national prosecutor's office for coordination. This seems to be the request that most of all unites the various parties. The Casini draft also provides for the creation of crimes for fraudulent management and market fraud. The possibility of sanctioning the induction, by the credit institution, of the financed subject to purchase financial instruments of the institution itself is also requested.
STOP REVOLVING DOORS
Expansion of the limits on the possibility of being employed by supervised entities. The transparency measures also include the introduction of more stringent rules for increasing the powers of the boards and the pursuit of greater rigor on the subject of conflicts of interest.
Among the other proposals contained in the draft report, there is also that of the establishment of a European rating company led by the European Commission. While as regards the management of public debt financial risks, the introduction of greater restrictions on operations for Government bond specialists and the strengthening of the risk management function within the MEF are envisaged.
