Il problema delle banche italiane e' assolutamente destinato a durare per molto molto tempo. L' unione europea ha fatto piccole concessioni e il vero sconfitto di questa battaglia e' renzi.

L'accordo raggiunto permette alle banche italiane di creare delle bad bank ad hoc e ddi acquistare dal governo UNA GARANZIA .
Questo permettera' alle banche di allontanare dai loro bilanci parte dei debiti, ma le banche piu' deboli potrebbero non riuscire in questa impresa...molte di loro saranno obbligate a una ricapitalizzazione...o al fallimento.

After a five-hour session late into Tuesday night which capped months of talks, Finance Minister Pier Carlo Padoan and EU Competition Commissioner Margrethe Vestager reached a deal on the mechanism to help banks dispose of their troubled debt.

Banks will be able to bundle their bad loans into securities for sale, while purchasing a state guarantee for the least-risky portion to make the debt more appealing to investors, the Italian Treasury said Wednesday. Addressing lawmakers in Rome, Padoan said a government guarantee under the plan won’t have any impact on public debt or the deficit.

“The agreement is a lot less dramatic than some people were expecting,” said John Raymond, an analyst at CreditSights Ltd. in London. “It will no doubt facilitate securitizations over time, but it’s not a ‘big bang’ solution that puts the banks’ asset-quality problems behind them.”

Booking Losses

The arrangement may induce banks to dispose of their higher-quality troubled loans, while keeping the lowest-quality bad debt, said Gianluca Ziglio, a strategist at Sunrise Brokers LLP in London. The sale is likely to force them to recognize losses because the loans will probably be sold at lower prices than the value recorded in banks’ accounts.

It will take time to get the program up and running, delaying the benefits to the banks and the economy. “It could take a year to get somewhere on bad loans, and various moving parts could make it go sour," said Wolfango Piccoli, co-president of Teneo Intelligence in London.
Italian banks have put aside money to cover less than half of the nominal value of their bad loans, so asset disposals at even lower levels imply losses. Bad loans at Italian banks, hit by record-low interest rates and a struggling economy, reached a high of 201 billion euros in November, according to the Bank of Italy. Doubtful loans which Italy’s five largest banks haven’t provisioned for exceed 120 billion euros.

Francesco Galietti, head of the Rome-based consulting firm Policy Sonar, said Renzi’s priority in tackling the banking industry should be reducing the exposure of Italian banks to the nation’s sovereign debt.

“The exposure is enormous, the hostility and the fears in the markets are linked to this. We’ve got the third-biggest public debt in the world so we are everyone’s problem,” Galietti said. “Renzi should talk to the banks and talk them out of sovereign debt, but in the short term he needs someone to buy the debt. 


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