The fate of Veneto Bank e Popular Bank of Vicenza is hanging by a thread and bail in is no longer a remote hypothesis. In all likelihood tomorrow a meeting will take place between the heads of the two institutes, the Ministry of Economy and the European Antitrust. Objective: to discuss the latest, very heavy request from the EU Commission, which it claims one billion euros more from private investors of the two banks.
Details and clarifications are yet to come, but it seems that the diktat from Brussels - which came as a surprise at the end of last week - is linked to a new valuation of the loan portfolio of Veneto Banca and Pop Vicenza, already heavily devalued in the 2016 financial statements.
After all, the rules are clear: article 32 of the BRRD directive states that state funds cannot be used to "offset losses that the entity has incurred or is likely to suffer in the near future". Consequently, to cover the red caused by the new devaluations, Veneto Banca and Pop Vicenza should draw on their assets and other private resources.
The problem is that today's large investor Atlas fund, already a shareholder of the two institutes, do not seem willing to pay more money into the Veneto banks. Nor does the hypothesis of an intervention by the Interbank deposit protection fund, which is already engaged on other fronts and could hardly afford such a substantial investment in favor of Veneto Banca and Popolare di Vicenza.
If a solution is not found, therefore, at least one of the two institutes risks being bailed in: the most dramatic outcome, which would also partially involve account holders (those with deposits exceeding 100 thousand euros) and which so far politics and the financial system have tried in every way to avert.
However, the number one in the economy, Pier Carlo Padoan, tried to send out a reassuring message: "I guarantee that we are making progress - he said - in full compliance with the rules".
Finally, Veneto Banca and Pop Vicenza reiterated that the indemnities paid to shareholders at the end of the settlement offer are not taxable at the time of disbursement.
And yet, responding to a question from some shareholders, the Veneto Revenue Agency's General Directorate claimed the opposite.
