“Dear Commission, how will you return the money to savers?” League question to find out what the VdL wants to do after the final sentence for TERCAS

The European deputies Zanni, Rinaldi, Grant and Donato have presented a question that sounds as follows and which asks the Von Der Leyen Commission how it intends to reimburse the damage caused to shareholders and bondholders by its deeds, deemed illegitimate in the final stage.

Here is the question:

On March 2, 2021, the Court of Justice of the EU rejected the appeal of the European Commission against the judgment of March 19, 2019 of the EU Court, which had annulled the decision to consider the intervention "irregular state aid" in 2014 by the (Interbank Deposit Protection Fund) Fitd for the rescue of Tercas.

The incorrect application of the rules on state aid to the interventions of the Fitd made it necessary in similar cases to adopt more burdensome solutions for savers and creditors. In this case, as the Bank of Italy explains¹ "if the intervention of the Fitd had not been configured as State aid, the rescue operation of the four banks (later subjected to burden sharing: Etruria, CariChieti, CariFerrara and Marche) by of the Fitd would not have involved the sacrifice of the rights of subordinated creditors and would have taken place by evaluating the bad debts of the banks at book values ​​». Consequently, different solutions could have been adopted, without the involvement of the small shareholders and bondholders, even in the case of the management of the crisis of the Venetian banks.

The Commission is asked:

• to identify the reasons that led to judging the Fitd intervention as irregular State aid;

• how and when it intends to answer for the damage unjustly caused to savers and to the banks directly and indirectly involved in this wrong decision.

We recall that the Commission, in the person of Vestager, prevented the use of the Interbank Deposit Protection Fund, judged as a public finance tool, causing considerable damage to the bank, but, above all, starting the train of the Italian banking crisis, which then its victims were the four banks of central Italy “Resolved” by Renzi, CaRiGe and the Popolari Venete BPVI and Veneto Banca. A disaster for which savers and shareholders still pay the consequences, while Vestager is still commissioner.

The Signatories of the question, Zanni, Rinaldi, Grant and Donato, stated: "We presented a question to the European Commission to clarify this matter, in order to identify the reasons that led to judge the intervention of the Fitd as irregular state aid, and to find out how and when it intends to answer for the damage unjustly caused to savers and banks directly and indirectly involved in this wrong decision. Savers are waiting for answers: concrete and rapid action by the EU is needed ”.
"The incorrect application of the discipline on state aid to the interventions of the Fitd – write the MEPs – made it necessary in similar cases the adoption of more burdensome solutions for savers and creditors, think of Etruria, CariChieti, CariFerrara and Marche, in to which different solutions could have been adopted, without the involvement of the small shareholders and bondholders, even in the case of the crisis management of the Venetian banks ”, they conclude.

Let's see now that the Commission will respond … ..

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The article "Dear Commission, how will you return money to savers?" League question to find out what the VdL wants to do after the final sentence for TERCAS comes from ScenariEconomici.it .

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This is a machine translation of a post published on Scenari Economici at the URL https://scenarieconomici.it/cara-commissione-come-restituirai-i-soldi-ari-risparmiatori-interrogazione-lega-per-sapere-cosa-vuol-fare-la-vdl-dopo-la-condanna-definitiva-per-tercas/ on Wed, 10 Mar 2021 07:00:26 +0000.