Vote of confidence in the House on the banking decree, containing the reform of the CCBs and the state guarantee on the securitization of non-performing loans.
The Government's decision was announced by the Minister for Relations with Parliament Maria Elena Boschi. The explanations of vote are scheduled to begin at 10.30 tomorrow. At 12.10 the start of the call.
We recall that the Montecitorio Finance Commission has given the go-ahead to the "way out" mechanism for the Bcc and has extended access to the state guarantee on non-performing loans to financial intermediaries. Speaking of the CCBs, the institutions that do not want to join the single holding company, if they had net assets of more than 31 million as at 2015 December 200, will have 60 days from the definitive conversion of the decree to decide to present an application to the Bank of Italy to grant the activity to a banking company maintaining the indivisibility of the reserves and against the payment of 20% of the shareholders' equity as an extraordinary tax.
As regards the guarantee on the securitization of non-performing loans, the latter will also be the prerogative of financial intermediaries, while the fund will rise from 100 to 200 million. It will be possible to sell non-performing loans no more than "their net book value on the date of the sale", while there will be greater flexibility in managing relations with rating agencies.
Another novelty introduced concerns the elimination of the banking anatocism on the basis of which the banks applied interest not only on the original debt, but also on the interest accrued previously.
The amendment of the PD, first signed by Sergio Boccadutri, provides that the accrual of interest will be equal to one year, while the interest payable by the customer will not be able to produce further interest. These will be counted on December 31st of each year and will be due from March of the following year.
