All the new turmoil (including political ones) on the Bcc
Not just the tensions of the Ccb group. Here are the news in parliament and not only on the mutual banks with reactions and comments from Federcasse, trade unions and analysts. The article by Emanuela Rossi
Green light of the Chamber to the resolution on the reform of the cooperative credit banks signed by the deputies Umberto Buratti (Pd) and Antonio Zennaro (Lega). A text that, according to Federcasse – which represents the Italian cooperative banks – "goes in the right direction" because it touches, among other things, an age-old and deeply felt issue for the sector or the rule that makes cooperative groups considered – for the purposes of supervision – equated to large European banking groups.
But this is not the only news concerning the world of cooperative credit. Cassa Centrale Banca, the national cooperative credit group which is among the top ten banks in the country for assets, is in fact preparing a new statute that will change the governance of credit institutions. Among the new features is the downsizing of the role of the CEO.
THE COMMITMENTS MADE BY THE GOVERNMENT WITH THE RESOLUTION
The two signatories of the resolution explain the changes awaiting the mutual banks. "The Government has committed itself to the need to update the European banking regulatory framework so that the supervisory rules and parameters are proportionate, consistent and adequate with respect to the nature of the mutual banks", highlights the deputy of the Carroccio in a note that recalls another commitment made by Palazzo Chigi, or rather that of "rapidly implementing the provisions on cooperative supervision and evaluating the opportunity to take initiatives to review the Mef regulation 169/2020 on the requirements and eligibility criteria for the performance of the office of exponents of banks to ensure the quality of governance without damaging the territorial nature of cooperative credit, established by primary and secondary regulations ".
The importance of the resolution taken by the executive is also underlined by Umberto Buratti, Pd group leader in the banks inquiry commission and member of the Finance commission and second signatory. “It is essential to review the entire regulatory complex, evaluating changes inspired by the principles of adequacy, proportionality and subsidiarity. In this context – he clarifies – it is very important that the government, among many others, has made a commitment to adopt all the necessary initiatives at European level to promote an adaptation of the banking regulatory framework that also takes into account the peculiarities and mutual purposes of cooperative credit banks and rural banks, of their exclusive role of service to the inclusive and participatory development of local economies ". Buratti also recalls “the essential supporting role that cooperative credit banks play in the real economy precisely as local banks. It is an essential component of the Italian economy at the service of families and small and medium-sized enterprises that will have a central role in the recovery ”.
According to the dem parliamentarian, "with the vote in favor of the resolution and the formal commitments undertaken by the government, many problems can be resolved: the mutual banks, in fact, according to the legislation are qualified as 'significant' intermediaries and exposed to a disproportionate and inconsistent supervision to their mutual purpose. We are now confident that the government will work to change the regulation at European level so that the supervisory parameters are proportionate and suitable for the nature of non-systemic, small and non-complex banks ”.
THE FAVORABLE OPINION OF FEDERCASSE
As mentioned, Federcasse highlighted in a note his satisfaction with the text issued by the Finance Committee and that he shared the requests for the resolution. In particular, the federation chaired by Augusto dell'Erba asks the Government to "adopt initiatives in the appropriate European offices to adapt, with the broadest involvement of the parliamentary forces, the EU regulatory framework to the peculiarities of the mission assigned to the CBs by the Italian Constitution (article 45) ". Furthermore, Federcasse says yes to the "confirmation of the model of the Italian cooperative banking group, urgently modifying the applicable European rules and the related supervisory models so that the supervisory rules and parameters are proportionate, consistent and adequate with respect to the nature of the mutual banks of small banks, not systemic (less significant) nor complex and prevalent mutuality ".
FIRST CISL'S SKEPTICISM
First Cisl is not of the same opinion. The union led by Riccardo Colombani underlines the need for "a review of the control system of cooperative credit companies" and of "having to find a system capable of balancing the needs of the newly formed groups and the reality of the individual mutual banks". The point, however, is that it is not “the first time that we find ourselves on the threshold of a desired reform which has not been followed up by any resolution to date. A circumstance determined by various factors such as the divisions of politics which, instead of operating with a view to the common good for all, are ideologically divided as well as a certain degree of immaturity on the business side, especially of some mutual banks, which do not accept the idea of a new reality determined by the reform itself ". In short, "announcing reforms that never materialize risks having a decisive impact on all cooperative credit, starting from the internal bargaining of the system and of individual groups, risking to block all negotiation activities both at Federcasse level, with the renewal of the CCNL in progress, both in the two banking groups still looking for their internal balance ".
GATTOPARDESCHE FEARS OF THE "SUN 24 HOURS"
The analysis of Il Sole 24 Ore which also mentions the BCC reform bill presented by Senator Mario Turco (M5S) in which "the introduction of a new organizational model for the management of 'institutional protection systems' is expected to be even harder. ". Texts full of good intentions, in essence, but "the Gattopardesque perspective is that the present 'counter-reform' of the Bcc is resolved in a 'change everything so as not to change anything'" because "the ordering system of the 'banking group is concretely confirmed cooperative ', changing its label in order to recover the status of less significant for the mutual banks ”. Therefore, according to the Confindustria newspaper, "the only real disruptive novelty is the possibility for the mutual banks that withdraw (or are excluded) from a cooperative banking group or from the new aggregation formula, to resolve – subject to authorization by the Bank of Italy – the transformation into a joint stock company ".
THE NEW STATUTE OF CCB
Returning instead to the issue of the governance revolution in CCB, Adige reports that the statutory changes, which will have to be approved at a forthcoming extraordinary meeting, will serve to strengthen the role of the president and that of the board of directors representing the shareholder mutual banks and the other shareholders, for example the Common Fund of the Trentino Rural Banks, Dz Bank and the Trentino Cooperation Federation, without forgetting the "privileged partners" such as the Trento Chamber of Commerce and the Province of Trento. The proposal for the new statute was approved on 23 September by the board of directors, which is expiring, and presents two important changes. The first concerns the role of the CEO who today is "an obligatory figure with broad powers, tomorrow he will be an optional figure". In fact, the board "can appoint a managing director from among its members, by conferring on him some of the duties and powers of the board of directors". The board will also have the task of appointing the general manager, and any co-directors without going through the opinion of the CEO as is the case today.
This is a machine translation from Italian language of a post published on Start Magazine at the URL https://www.startmag.it/economia/tutti-i-nuovi-subbugli-anche-politici-sulle-bcc/ on Sat, 20 Nov 2021 07:10:47 +0000.