The Senate today approved the first reading of the savings decree, on which the Government had raised the question of confidence. The provision now passes to the Chamber, where it should be converted into law by next February 21st. Here are the main novelties of the decree.
BANKS SAVED: CAP ON MANAGERS' SALARIES
An amendment approved in commission provides that, in the event the State intervenes to recapitalize a bank in crisis (as happened with Monte dei Paschi), the MEF can decide on a "limitation of the overall remuneration of members of the board of directors and senior management ”, in addition to the “revocation or replacement of the executive directors and the general manager” in office.
BANKS IN RESOLUTION: MORE TIME TO ASK FOR REFUNDS
Green light from the commission also for the reopening until 31 May of the possibility for savers of the 4 banks placed under resolution at the end of 2015 (Banca Etruria, Banca Marche, CariChieti and CariFe) to request a lump-sum refund.
TREASURY: REPORT EVERY 4 MONTHS ON THE RISKS RELATED TO LARGE DEBTORS
The Treasury will have to present a report to Parliament every four months on the "risk profiles" of large debtors (those who have bad debts for more than 1% of the bank's assets), but will not be required to reveal their names. In fact, the hypothesis of introducing real "black lists", as requested by the number one of the ABI, Antonio Patuelli, was skipped.
Yes TO REFUNDS TO RELATIVES
The number of savers of the 4 banks is expanding, who will be able to request a lump-sum refund, a procedure which, it is specified, must be free of charge. The Senate Finance Committee, which yesterday evening gave the go-ahead for a reopening of the terms until May 31, approved two amendments to the saving-saving decree which extend access also to those who have received the bonds from their spouse or relatives within the second degree and which exclude the consideration paid for the bonds from the calculation of the movable assets, which has a ceiling of 100 thousand euros.
NO REDEMPTIONS FOR SUBORDINATED BONDS SINCE 2016
Anyone who bought the subordinated bonds of a bank subject to precautionary recapitalization after January 2016, XNUMX, the date the bail-in took effect, will not receive any compensation.
STOCK PRICE
New criteria are introduced to determine the share price to be attributed to shareholders and creditors of listed banks subject to precautionary recapitalization. For unlisted banks, the value is calculated on the basis of the company's assets, its income prospects, the trend of the ratio between market value and book value of listed banks and taking into account the losses associated with any extraordinary transactions, including those from the sale of assets. For listed banks, on the other hand, the value of the shares is determined on the basis of the performance of the quotations in the previous 30 market days and in the case of suspension of the quotation for more than 15 days - as for Mps - the value of the share is the lower between the average reference price of the last 30 trading days and that determined on the basis of the assets and the criteria envisaged for unlisted companies.
BURDEN SHARING AND TAX
Burden sharing will be made tax-neutral.
STATE WARRANTY
It will not be necessary to submit a restructuring plan to obtain the state liquidity guarantee if the liabilities are repaid within two months.
FINANCIAL EDUCATION
Every year, by 31 July, the government will send the Chambers a report on the state of implementation of the national strategy for financial, insurance and social security education. An ad hoc committee of 11 members will then be set up for the planning and coordination of activities, to which one million euros will be allocated annually from 2017.
