The Chamber passes definitively, with 380 votes in favour, 59 against especially the League and 36 abstentions, the ratification of the European Treaty which implements the ESM, already dismissed by the Senate, thus entering into force. Meanwhile, in the Senate, the Finance and Budget commissions give the green light to the decree law on disposals, which will be merged into the decree law on the spending review. An operation that is expected to lead in 2012 to reducing the public debt by about 10 billion.
The senators have introduced an amendment which obliges Banca Mps to contain bonuses and the variable part of the remuneration paid to directors and executives. "Mps will have to set a ceiling on bonuses and stock options otherwise it will face penalties ranging from 2.500 to 129.000 euros", explains the rapporteur Cosimo Latronico (PDL). Since MPS will receive state aid, the parties want to have control over the salaries of managers.
Therefore, according to the decree, the Bank will be able to issue special bonds in favor of the Treasury up to 2 billion, in order to guarantee the capital strengthening required by the European Banking Authority. Therefore, the total value of the bonds could be a maximum of 3,9 billion, taking into account the 1,9 billion of old "Tremonti bonds" which will be replaced with the new bonds.
The new amendment will also allow the Director General of the Treasury for public debt, Maria Cannata, and not only the Minister of the Economy, to authorize the issuance of securities necessary to confer the capital required by the ESM. Another focal point of the decree is the purchase option with Cassa depositi e prestiti on the Treasury subsidiaries Sace, Fintecna and Simest.
