Despite pressure from Treasury Minister Pier Carlo Padoan, who yesterday also probed Qatar, the systemic rescue of Popolare di Vicenza and Vento Banca is struggling to take off. Unicredit and Intesa Sanpaolo, which will discuss it today in its board of directors, have been clear: yes to participation in the private recapitalization of the Veneto banks up to 1,25 billion euros, but only on condition that the other banks also open their portfolios and make the their part. For now, however, the extension of the collection is difficult: who for one reason and who for another, everyone niches and the bailout remains in the balance, also because time is running out, considering that the Veneto banks continue to lose customers and deposits day after day .
Either a solution is found by the end of June or everything is blown up: this is now evident to everyone in the field and today the board of directors of Popolare di Vicenza will have to deal with this bitter reality, even if until the end the hopes of avoid the worst remain. But there is no doubt that, barring sudden clearing up in the next few days, the risk for the shareholders and bondholders of the two Veneto banks of losing their money is growing by the hour. In the Northeast, the specter of the bail-in has never ceased to haunt menacingly.
Crucial for Veneto Banca in particular is the appointment of Sunday 18 June, when the 150 million subordinated bond due on 21 June should be repaid: the bank's administrators asked the ECB's supervisory authorities for guidance on deciding whether to repay it or not, with all the consequences of the case, and savers remain in suspense.
Meanwhile, Consob's financial arbiter has ordered Popolare di Vicenza to reimburse shareholders who had requested to get their money back after the collapse of the bank's shares from 62,10 euros to 10 cents following the transfer to the Atlante Fund. Consob's move is only a first step, which does not eliminate the dispute, but which can open the door to another 27 savers who are beating cash and who have no intention of letting their guard down.
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Faced with this scenario, however, the Treasury is sending out a reassuring message for the market and for savers. "In relation to the progress of the ongoing discussions on Veneto Banca and Banca Popolare di Vicenza - reads a note on Via XX Settembre - the Minister of Economy and Finance, Pier Carlo Padoan, communicates that the solution is now near and that the discussions with the European institutions are encouraging. The minister reiterates that the solution will not include any form of bail in and that senior bondholders and depositors will in any case be fully guaranteed".
