There are still four participants in the capital of the Bank of Italy who have not brought their stake below the 3% ceiling introduced at the beginning of 2014 with the institute's capital reform, for a nominal value of around 2,9 billion .
The governor of Bank of Italy, Ignazio Visco, made the point in the report to the ordinary meeting for the approval of the budget.
The Letta government has authorized the Bank of Italy to revalue the shares from 156.000 to 7,5 billion euros and make the shares a negotiable security, with the aim of making the institute a kind of public company at the end of the period transitional expired at the end of 2016.
From this year, recalls Visco in the report, the dividends relating to shares exceeding 3% can no longer be paid and must therefore be attributed to the statutory reserves.
“The share negotiations that took place between the start of the reform (law 29 January 2014, number 5) and last 18 February resulted in the transfer of 27,5% of the capital. The three largest participants sold 23,9%," explains the governor.
Today there are 115 subjects who hold quotas, of which 74 are new: 2 insurance companies, 7 pension funds, 8 social security institutions, 15 banking foundations and 42 banks.
“Banks and insurance companies reduced their stake from 94,3 to 73,2%; the participation of social security institutions and pension funds grew from 5,7 to 22,7%. The banking foundations have 4,1% of the capital”.
The redistribution and circulation of the 2,9 billion residual shares "could draw impetus from the establishment of a special post to stabilize dividends over time as well as from the launch of a secondary market for capital shares in which the activity of market makers - supported by our institute – will contribute to increasing the liquidity of equity securities”, continues Visco.
