Launched status Bankitalia: ADB warns on dividends. Dragons: properties to be reviewed

09 Dec

Green light to the new Statute of the Banca d 'Italy by the' extraordinary meeting of the shareholders. With a meeting piÃ ¹ lasted just half an hour, the extraordinary meeting of the Bank 's Italy has approved a new statute that will now be sent to the Government for the promulgation of the decree of approval from the President of the Republic on proposal of the Council of Ministers, in consultation with the Minister of 'Economics, after consideration by the Council of Ministers process, so as required by law to reform the economy.
In the course of 'meeting the representatives of the participating banks in the capital, however, intervened to Â «Â dissatisfaction" for the sharing of profits cosÃ ¬ Ã ¨ as governed by Articles 39 and 40 of the new statute. He has done Demetrio Cofone, the legal representative of Banca Intesa, which Ã ¨ possess the largest share of the Bank of Italy.
Ã ¨ said unsatisfied is also presides over the Cassa di Risparmio di Ravenna and vice president of the 'Acre, Antonio Patuelli. Â "We have noted with concern â €" said Patuelli â € "the maintenance of Articles 39 and 40 of the state whose contents are not easily ¹ Ã ¨ in light of the current law because risparmio.Dal c'a ¨ a law that aims expropriation â € "has aggiuntoâ €" Articles 39 and 40 put chains on it. The fear is that this paves the way for an assessment too low instead of 'fair compensation for expropriation under the Constitution.
For his part in the vote, Governor Draghi has proposed that the minutes of the 'assembly, were synthesized as expressed by Banca Intesa before by Patuelli and then finally by the legal representative of St. Paul as "a concern condivisaÂ' by banks shareholders. Article 39 provides, inter alia, that the shareholders of the Bank "are distributed dividends amounting to 6% of capitaleÂ." Article 40 also provides that the fruits earned on investments of reserves can be collected and distributed to participants, "in addition to the provisions of Article 39, a sum not exceeding 4% of the 'same amount of reserves as disclosed in from the budget of 'exercise precedenteÂ.
Just at the opening of 'meeting, the governor explained that "with respect to the Bank's capital and to who may be holders of the shares is considered appropriate Ã ¨ â €" pending the re-definition of' ownership of the Bank provided by law 262 / 2005 â € "rewrite the statutory guidance, with exclusive reference to the law as a source of regulation of ownership of the shares of BancaÂ. And then he remarked: Â "I would like to mention here that in piÃ ¹ occasions I have stressed the need to reconsider the choices made by legislators about the configuration of 'ownership of the Bank for the full protection of the' autonomy and the 'independence of' IstitutoÂ" .
Certainly, among the issues left open by the law reform on savings, the transformation of the capital structure of the central banks ¨ piÃ ¹ tricky: the same Act 262 grants three years to develop new legislation to redefine the arrangements. And the Treasury are aware that on this issue, which will require a substantial reflection necessary to arrive at a new law, no move has been initiated anything yet.
On the other hand, the ECB itself has warned multiple times that the question of 'ownership of the Italian Central Bank must be resolved with particular attention to the need to continue to guarantee the autonomy and independence, even as financial, Via Nazionale, avoiding any choice that could defuse these features.
But yesterday, even today's private shareholders have made their voices heard in the debate, asking at the meeting that their assets are adequately valued, so that anyone can think of relevant to peanuts. Do, in short, how he planned to do the former Minister Giulio Tremonti, who during the debate in Parliament of the Budget Law 2006 figures ² value of the Bank 's Italy in 800 million, arguing that his estimate was leaving the value of dividends. While Ã ¨ known that in the past, Abi, pivoting on the value of net assets of the Bank of Italy, has shown its value as oscillating between 10 and 23miliardi euros, according to the book value to be added or not reserves revaluation.