Discover and read the best of Twitter Threads about #carige
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Blackrock has pulled out of a possible deal to rescue Carige. Watch out for the possible political storm in the making. (@Reuters) uk.reuters.com/article/uk-eur…
Once again, a private solution touted for an Italian bank in trouble falls apart. Remember JPMorgan with MPS? That did not go well either. #Carige
Other Italian banks have said they stand ready to support Carige via a voluntary deposit guarantee scheme. This smells very much of the Atlante fund, which did not work out too well since the banks it bought were ultimately liquidated.
For my English-speaking followers, I provide a short summary of my recent op-ed in FAZ: "Banking Policy in the Glasshouse" (thread) 1/n
It starts from the observation that in the German public there's more outrage about bank rescues in Italy than about banking problems at home. This is even though #NordLB is much larger than #Carige. The German government even discusses a merger between 2/n
the 1st & 4th largest German bank, which would create a huge bank that would be even more systemically important than the two banks by themselves. I then discuss Banca #Carige and speculate about possible solutions, all likely involving taxpayers' money. 3/n
As you (probably don't) know, I do every year an analysis of the #NPL of EU #banks and the trends that appear in the EBA Transparency data (the only consistent dataset on EU banks.) Again this year the results are very interesting.
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First of all an important disclaimer: this is *not* investment advice, i could be totally wrong and please don't rely on anything I say. 2/n
this being said, the most striking thing in the data is that THE BIG DELEVERAGING IS OVER. Yes, banks are lending again. Here's a scatter plot showing the size of the loan books 2018 (y-axis) vs 2017 (x-axis): pretty uniform and healthy growth across the board. 3/n 
Tra il serio ed il faceto, un #thread sull’intervista odierna a #Renzi. Parte lanciatissimo, con la modestia che lo contraddistingue, citando Zemeckis. Ma non siamo al cinema.
Si dia il via alla sagra degli autogol...
Si dia il via alla sagra degli autogol...
Alla domanda su #Carige, ha l’ardire di rispondere portando ad esempio Etruria! Ma ci si può fare così male? Citare il caso più maldestro di gestione di crisi bancaria, con obbligazionisti subordinati azzerati solo perché subì in silenzio il divieto #UE all’intervento del FITD?
Il crescendo prosegue. A proposito del #RedditodiCittadinanza, #Renzi attinge vette altissime. Con ‘paga Pantalone’ e ‘divano’, si situa a cavallo tra il bar dello sport e ‘lavoro, guadagno, pago, pretendo’ dell’indimenticato Dogui.😂
Quali sono le regole per la ricapitalizzazione precauzionale:
1. Banca solvibile
2. Il capitale non può ripianare perdite pregresse o probabili. Quindi fa fatta pulizia prima.
3. Intervento TEMPORANEO. Lo Stato deve uscire a breve-medio termine.
4. Approvazione UE.
#carige
1. Banca solvibile
2. Il capitale non può ripianare perdite pregresse o probabili. Quindi fa fatta pulizia prima.
3. Intervento TEMPORANEO. Lo Stato deve uscire a breve-medio termine.
4. Approvazione UE.
#carige
Chi oggi parla di ‘nazionalizzazione’ dovrà andare a Bruxelles e cambiare queste regole. Spero che lo faccia e che ci riesca.
Al momento, non è detto che #carige ricorra alla ricapitalizzazione precauzionale, se riuscisse a raccogliere capitale e non emergessero nel frattempo altre perdite. A sinistra incombono anche scenari peggiori.
Latest update on my arcane legal query. The legal basis is indeed articles 70-72 TUB (Consolidated Italian Banking Law), as confirmed by the ECB and indicated by Carige itself: gruppocarige.it/grpwps/wcm/con…. So my tweet of yesterday was not inaccurate after all. Phew!
BUT there's still something I don't quite get. Communications from both the ECB (bankingsupervision.europa.eu/press/pr/date/…) & Carige (gruppocarige.it/grpwps/wcm/con…) refer to a decision by the ECB, & don't mention the Bank of Italy. While the text of TUB suggests the BoI is formally the decision-maker.
So my question is: is there formally a BoI decision, and if so, why does nobody refer to it (I found nothing on the BoI's own website)? or if not, how exactly is the @ecb empowered to make the decision directly? (N.B. TUB is here bancaditalia.it/compiti/vigila….)
