On the day in which the President Giuseppe Vegas is heard by the parliamentary commission on bank crashes, Consob announces the report that the deputy general manager D'Agostino presented to the commission, intervening on the cases of Banca Etruria and Carife. In particular on the Tuscan bank, Consob reiterated that it has known some findings of the Bank of Italy against Banca Etruria only after four years.
The papers, says the National Commission for Companies and the Stock Exchange, were transmitted by Nuova Banca Etruria in May 2016 and, in one case, a document was a Bank of Italy survey sent to Arezzo in July 2012. Based on of the unknown papers, received last year by the resolution bodies, Consob this year has imposed sanctions on the former top management of Etruria for 2,75 million. “Basically – stated D'Agostino – Banca Etruria proceeded with its capitalisation, without ever declaring that it was in a situation of serious management and capital criticality, as indicated by the Supervisory Authority already in July 2012. In other words, it was omitted to indicate to the savers and to Consob, that all the capitalization operations were necessary for the survival of the Bank, stating only that it was a question of alignment with the new capital standards".
Consob also explained its supervisory activity on the investment services of Cassa di Risparmio di Ferrara, recalling that "only from the documentation sent by the Ferrara Public Prosecutor's Office in May 2017 did it emerge that, as early as 2010, the Bank was aware of significant critical elements which concerned its equity and management situation, as well as the risk profile of its shares". The critical elements were therefore not in the prospectus for subordinated bonds approved by Consob in 2013. The Carife bonds, issued for a total amount of 148 million, were canceled with the resolution in 2015.
it's just fromactivities of the prosecutors, therefore emerges from the Consob report, that the true criticality of the situation has become known. Consumers kept in the dark.
