The current undersecretary to the vice-presidency of the Council and former minister for constitutional reforms, Maria Elena Boschi became interested in the "Banca Etruria case" before his father became vice president of the Arezzo institute. This is what can be deduced from the testimony given today before the Parliamentary Commission on Banks by the president of Consob, Giuseppe Vegas. Timing is essential: if Boschi spoke about Banca Etruria in Vegas before her father became vice president, it is clear that there was no conflict of interest but the oppositions (M5S, Liberi e Uguali and Lega) never miss an opportunity to call for her resignation.
BANKS, VEGAS WORDS ABOUT WOODS
On Banca Etruria "I had the opportunity to talk about the matter with the then Minister Boschi", who expressed "a picture of concern because in his opinion there was the possibility that Etruria could be incorporated by Popolare di Vicenza and this was harmful to the main industry of Arezzo which is gold”.
These are the words spoken by outgoing president of Consob and former member of parliament of Forza Italia, Giuseppe Vegas before the commission of inquiry into banks. “I replied that Consob was not competent” over the decisions that banks take regarding mergers.
Vegas then recounted the details: it was Boschi "who asked to see me and came to Milan", specifying that he had also spoken with her once again: the former minister "told me on another occasion that his father would become vice president.”
The words of the Consob president triggered the reaction of the opposition, to which Undersecretary Boschi replied via a post on Facebook:
THE STOCK ON THE STOCK EXCHANGE
“We found that there had been a few abnormal movements, investigations were also made with international rogatory letters and several people were also heard, above all a well-known financier ". Thus Vegas in response to a question from Davide Zoggia relating to the fluctuations in the share that occurred in conjunction with the reform decree on cooperative banks.
“However – continued Vegas – the offices have found that the movements made by this financier…”. It is not known how the sentence ended given that the president of the commission Pier Ferdinando Casini intervened to keep the session secret for a few minutes. Vegas actually claimed that Carlo De Benedetti was meeting with both Prime Minister Matteo Renzi and the deputy director of the Bank of Italy, Fabio Panetta, before the decree on the reform of cooperative banks was passed.
THE STATE OF HEALTH OF BANKS
Since 2015 “the situation of the banks has improved with a weight of Government securities down to 9% of total assets and of non-performing loans from 18 to 12%. However weaknesses and structural problems remain in addition to low profitability due to interest rates: it was a period in which, as they say, it rained on wet”. These are the words with which Giuseppe Vegas began before the Banking Commission, also explaining that, in the last seven years, Consob has imposed overall fines to the banks of over 32,5 million.
The data indicated by the President of the Authority, Giuseppe Vegas, is updated to last November 30th. “The violations – continued the president of Consob – concern the provision of investment services, the legislation on prospectuses, the market abuse discipline. The sanctions to the banks alone from 2011 to today amount to over 32 million, and were granted to a total of 715 company representatives, of which 366 in 2017".
D'AGOSTINO'S REPORT ON BANCA ETRURIA
The Vegas audition comes later that in the morning the deputy general manager of Consob, Giuseppe D'Agostino expressed criticisms on the work of Banca Etruria and Carife but also of Bancas d'Italia through a report presented to the commission.
As regards Banca Etruria, D'Agostino explained that in 2012-2013, the institution "operated and solicited public savings through offers, in lack of a correct and complete information framework about the real critical situation in which he found himself".
According to the manager of the Commissione Nazionale per le Società e la Borsa: "the operations for a total of 320 million euros were carried out, keeping silent about the relevant criticalities and anomalies".
“Basically – stated D'Agostino – Banca Etruria proceeded with its capitalisation, without ever declaring that it was in a situation of serious management and capital criticality, as indicated by the Supervisory Authority already in July 2012. In other words, it was omitted to indicate to the savers and Consob, which all capitalization transactions were necessary for the survival of the Bank, stating only that it was an alignment with the new capital standards”.
DELAYS EVEN FROM CARIGE
Consob also explained its supervisory activity on the investment services of Cassa di Risparmio di Ferrara, recalling that "only from the documentation sent by the Ferrara Public Prosecutor's Office in May 2017 did it emerge that, as early as 2010, the Bank was aware of significant critical elements which concerned its equity and management situation, as well as the risk profile of its shares".
The critical elements were therefore not in the prospectus for subordinated bonds approved by Consob in 2013. The Carife bonds, issued for a total amount of 148 million, were cleared with the resolution in 2015.
