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Venetian banks, from the Government bailout for 6 billion. New bank on sale for 1 euro

 

The bailout of the Venetian banks relies on the public intervention: the plan considers the constitution of a Government “bad bank” which will permit to clean up the financial statements of the two. An operation by the Government for a total investment of 5-6 billion, according to Adnkronos, which will bring to the creation of a new bank. The bank that will be born from the ashes of Vicenza and Veneto “will be on sale for the symbolic price of one euro”, as it has already happened with the recent “good banks”. The plan will be defined within the week ”the next weekend will be crucial” assure trusted sources.

The solution that is defining is the same that led to the bail of Etruria, Chieti, Marche and Ferrara. From one side there will be the creation of a “good bank” which will be sold at a symbolic price, but only upon a solid plan –according to another source – which would guarantee future stability”. From another side “it is currently under study the solution to allow the public budget to grant the 5-6 billion necessary to manage the assets that won’t be transferred to the new bank, starting from the Npls”.

The bad loans from Vicenza and Veneto staying with the State are 9 billion and ”it is necessary to find a way to get the green light from the EU without being labelled as State aid. The contacts – assure the sources – are constant and optimism prevails”, even though there is still the threat of burden sharing, which hits shareholders and less privileged creditors, triggering in this way the mechanism that led to reimburse the savers of the four banks. “We are working to reduce the impact at the minimum”.

The State aid is a necessary choice, after all. Only last year “recovering” the two banks cost to Atlante three billion euro, now the Fund will not take part to the next recapitalisation. The little time available reduces the chances that international players could manifest interest in the operation, even though the Ministry of the Economy has nominated the Merchant Bank Rothschild as advisor for the research of private investors.

In the eventuality the public intervention will be in accordance with the European regulation, there is still to figure who will purchase the bank for one euro. Unicredit seems to not be interested, the group Intesa Sanpaolo might be the most likely, even though doubts within the bank persist. It is hard to tell the interest of other banks if you don’t look abroad.

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