Bank crack half a billion in danger for savers

“Half a billion euros must be used, as the law states, for refreshments for the benefit of people affected by the collapse of the former Venetian communes. But to achieve this goal there is a need for an amendment to the Finance Code, which must be voted on by December 31.” Luigi Ogoni, President of the Savers’ Association “We who believed in the Banca Popolare di Vicenza and in the Veneto Banca” Sound the alarm, which relates to all Italian creditors who are in the same circumstances. It calls on the parties to keep their promises.

Decree No. 39 of April 30, 2019, later transformed into Law 58 of June 28, 2019, provides for the creation of the “Savers’ Compensation Fund” (Fir). This is a dedicated capital of one and a half billion euros intended for clients affected by the collapse of some former cooperative banks in central and northern Italy. The most spectacular collapse concerns the two banks in the Veneto region: the two collapses have in fact generated a loss of around 15 billion euros by default, says the representative of the savers. Passed by an emergency law voted by the Chambers under pressure from the creditors themselves – to an audience of persons who could prove that they had bought the shares of the two Venetian enterprises, by virtue of opaque conduct on the part of the supporters – there was a possibility of compensation of 30 per cent of the lost amount. The percentage that cannot in any case exceed one hundred thousand euros as requested by the European Commission.

Too much bureaucracy

The first round of shots has been largely completed, despite thousands of difficulties: the resources already allocated amount to a billion. However, due to what Yujun described as “bureaucratic” on the part of a committee of nine experts “appointed by the Ministry of Economy, which with the help of the state-owned company Consap worked out compensation procedures”, it was decided not to proceed with the redistribution of the remaining half billion. available. The standard has some limitations. In the first place, all those due to it are returned: if other resources remain, among those allocated by the Financial Law of 2019, then a new round of payments must be prepared.

In Vicenza meeting of creditors

The problem is that the law itself, for this second tranche, does not clearly specify how to proceed. Moreover, a law was decreed later that made everything smoky. At this point, because of the “extremely restricted” reading of the law, explains the head of the Savers’ Association, the committee would have decided not to decide. Another problem is that the law sets a specific time limit: December 31, 2022. After that date, the nine-expert panel’s term of office expires and the deadlines for damages expire. In view of the tight deadlines, the savers drafted an amendment to the budget law and proposed it again to the main political forces who did not have a say. Time is running out “And we – we promise Luigi Ogoni – have no intention of retreating a millimeter”.