La reform of public banks ends up before the European Court of Justice. The sixth section of the Council of State has referred to the EU judges the decision on the legitimacy of the transformation into a Spa of the Popolari established by the reform launched in 2015 by the Renzi Government on the basis of which the institutions with over 8 billion in assets must, in fact, be transformed into a Spa .
The decision was taken on October 18, but the contents were disclosed in the ad hoc ordinance published today. However, Palazzo Spada clarified that until the Court of Luxembourg expresses its judgment, "the precautionary measures already granted remain unchanged".
They are in everything five legitimacy questions set by the Council of State: the first concerns "the imposition of an asset threshold above which the popular bank is obliged to transform itself into a joint-stock company, in relation to the European legislation on state aid".
The second, on the other hand, relates to the "possibility of deferring or limiting, even for an indefinite period, the redemption of shares of the withdrawing shareholder, in relation to the rules on competition in the internal market and the free movement of capital". We then move on to the "regulation on the limitations on the repayment of the shareholder's share in the event of withdrawal, to avoid the possible liquidation of the transformed bank, in relation to the regulation of state aid" and on the "right to postpone the repayment for an unlimited period and to limit all or part of the amount".
Finally, Palazzo Spada requests a ruling on “art. 10 Of the regulation delegated ue n. 241/2014 Of the commission, in relation to the violation of the right to enjoy ownership of the goods referred to in art. 16 And of the art. 17 of the Charter of Fundamental Rights of the European Union”.
We remind you that this summer, through the Milleproroghe decree, the Government had extended the deadlines for processing until December 31 of this year.
“The Council of State – commented the President of Assopopolari, Corrado Sforza Fogliani - referred to the European Court of Justice the question of the legitimacy of the Reform of cooperative banks, submitting to the Court of Luxembourg many of the questions that the Association has put to institutions, political and otherwise, in recent years. Proof that our position deserved sharing, which, unfortunately, also for personal interests, did not happen. It is a small, great satisfaction and we are sure that at least common sense, if not legal science and conscience, will be able to satisfy our requests".
