Expansion / The Italian Economy Minister, Pier Carlo Padoan, said today that the creation of a “bad bank” does not affect the debt.
“The use of public funding will facilitate security operations for the transfer of non-performing loans and will have no impact on the public debt or the deficit,” Padoan said during an appearance in the Chamber of Deputies.
The Minister of Economy added that during the past year has been “launched the review of the bankruptcy proceedings” and that soon will “introduce other measures pending a wider reform” on bankruptcy .
The rules of this “bad bank” have not yet been detailed, but at the exit of the parliamentary classroom, Padoan said that “we will do everything possible to accelerate the process.”
The Italian government has agreed with the European Commission (EC) creating a “bad bank” aimed at reducing non-performing loans accumulated by Italian banks, whose total value is estimated at around 200,000 million euros.
In a ministry statement released today states that the agreement does not provide you help from the state and therefore ensure the EC in support of a trustee.
“State guarantee” However, banks may benefit from an incentive in the form of “guarantee” state only in elevada- -calificación senior tranches of securitized credit assets held by such entities.
The state guarantees will be assessed according to market prices. The price of these packages will increase over time with two objectives: to consider the higher risks associated with longer duration of loans in the market and introduce the scheme a “strong incentive” to place quickly
.
The scheme should allow Italian banks and move securitize bad loans on their balance sheets to separate and individually managed entities.
The stability and robustness of the Italian banking system has recently been called into question after the European Central Bank (ECB) request several Italian banks a series of reports on credit risk they have.
Although Frankfurt has said it is a “routine” procedure, this action It has aroused the distrust of investors so bank stocks have suffered continuous setbacks on the Milan Stock Exchange. On these events Padoan noted that the application of the ECB affected the entire euro area, not only in Italy.
The ECB President Mario “Draghi has clarified that the request for information concerned a wide range of banks across the euro area to identify best practices in the management of non-performing loans, “he said. He added. “It was not so much something centered in Italy, much less the beginning of a procedure on a specific banking”
Due to the chaos that shook the markets, Padoan called on the authorities monitoring the single currency to practice “clear communication” to “avoid inaccurate information and misinterpreted by the markets”
SPAIN. The Italian Government claims that the ‘bad bank’ will have no impact on the deficit
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