Heute, am 16. Dezember 2020, hat die Europäische Kommission ihren neuen Aktionsplan für notleidende Kredite (NPLs) vorgestellt. Es ist die jüngste Maßnahme der Kommission im Hinblick auf das hohe NPL-Niveau, das die Banken in vielen Mitgliedstaaten seit der Eurokrise plagt. Der neue Vorstoß kommt im Vorfeld des potenziell massiven Anstiegs der NPLs im Zuge der […]
Endlich Durchblick im verrückten Labyrinth: Bankenrettung auf europäische Art
Liebe Freundinnen und Freunde, liebe Interessierte, diese Grafik müssen alle Finanzmarkt-Profis und -Interessierten gesehen haben! Wenn Staaten in Europa Banken retten, läuft das selten nach Schema F. Stattdessen gibt es unzählige Wege, um im Dickicht der europäischen Regeln ans fragwürdige Ziel zu kommen. Im Fachjargon nennt man die verschiedenen Methoden der Bankenrettung oft “Tools”, Werkzeuge. […]
Letter to the European Commission on the compliance of the capital injection into Banca Carige with European State Aid rules
On 12 November 2018, the board of Italy’s interbank deposit guarantee fund (FITD) stated that it had agreed to support the issue of a subordinated convertible bond worth up to €400m as part of a turnaround plan to increase the capital of Banca Carige. According to Banca Carige, all main Italian banks have “voluntarily” guaranteed […]
New Banking Subsidies in Italy: Circumvention of EU Law is a dangerous precedent
Last night, the European Commission approved new subsidies for Banca Populare di Vicenza and Veneto Banca. The support comes in the form of 4.8 billion euros of cash plus 12 billion of state guarantees to protect senior creditors and depositors from losses. After the Commission rejected a so-called „precautionary bank recapitalization“ favoured by the Italian […]
Background information on possible state aid for Italy’s banks
Since the Brexit vote, Italian banks’ shares have slumped dramatically: Italy’s third-biggest bank Monte dei Paschi di Siena has lost half its value. In response, big banks and the Italian government are suggesting to recapitalize the weakest banks with public money. But recapitalization has a price: under EU rules, bank bonds have to be written off […]
Press conference call: New state aid to Italy’s banks?
The Italian government is joining big banks in calling for new state aid for banks as well as suspending EU rules on the bail-in of creditors (Bank Recovery and Resolution Directive, “BRRD”). I would like to inform you about the legal, economic and institutional background of this attack on the credibility of the banking union. […]