Parliament's first yes to the decree on banks and the reform of the CCBs (cooperative credit banks). Late yesterday evening, the Montecitorio hall approved the provision with 274 votes in favor and 114 against, after the 5 Star Movement renounced its obstructionism and after the vote of confidence on the Government amendment that modifies the original text extending the freedom of exit for the CCBs that will not want to be part of the single holding company of the cooperative credit banks.
Now the decree goes to the Senate but, considering that the deadlines are very tight because the provision expires on April 15, it is probable that the text released by the Chamber will become definitive, even if the Government will probably be forced to ask for confidence again.
The reform of the CCBs is the central point of the decree which, however, also contains important rules on the public guarantee for the recovery of bank non-performing loans and on anatocism. The reform envisages that the Bccs merge into a parent holding company but that the Bccs, which, due to their history and their different vision of banking in the area, prefer to remain independent, have the right to a way out provided they have assets exceeding 200 million euros and pay an extraordinary tax of 20%. In this case the independent CCBs, which will also be able to aggregate smaller CCBs, will maintain the indivisibility of the reserves and will transfer both the license and their current banking activities to a banking corporation, which they themselves control.
The Bccs of Trentino and South Tyrol and some Bccs of Tuscany, Emilia, Lombardy and southern Italy will probably benefit from the way out.
