In anticipation of the systemic solution that would recapitalize and save the Veneto banks without resorting to a bail-in and which is becoming more urgent by the hour, Veneto Banca is about to repay savers the bond maturing on 21 June and launches the liability against the old administrators. All this was discussed yesterday in the board of directors of the troubled bank of Montebelluna.
Veneto Banca, after a thousand reflections, is oriented to regularly repay the 150 million euro bond by next Wednesday's deadline but will do so with all the necessary precautions to avoid clawback actions against its current directors.
No discount on the other hand towards past managements that brought the bank to the brink of bankruptcy. The Board of Directors of Veneto Banca, following the guidelines expressed by the last meeting, has decided to initiate the liability action against the directors and statutory auditors of the past managements (Consuls in the lead) and is asking them to repay 2,3 billion euros, which would represent not only compensation but a real fresh air for the bank which runs the risk of no longer being able to ensure business continuity, if strong decisions and above all new capital are not intervened in a short time.
There are some glimmers of light compared to the past few days, but the two Veneto banks (Veneto Banca and Banca Popolare di Vicenza) are walking the razor's edge and, until new capital arrives, their road remains uphill.
Meanwhile, Iccrea Banca, the cooperative credit group, has also been contacted by the Ministry of the Economy to participate in the rescue of the Veneto banks. This was revealed by the president of the cooperative credit parent company, Giulio Magagni: “For the moment, just a conversation. If they call us we will listen, it costs nothing”. The general manager Leonardo Rubattu adds: “We are very sensitive to the evolution of the popular Venetians that have the same vocation as us. We are open to evaluating it when there is clarity on the conditions”.
