Earthquake in the banking system if the government drops MPS. The alarm from Sileoni (Fabi)

Earthquake in the banking system if the government drops MPS. The alarm from Sileoni (Fabi)

Fears, proposals and criticisms of the secretary general of Fabi, Lando Maria Sileoni, on Mps and beyond

The government led by Mario Draghi "cannot make Monte dei Paschi di Siena go bankrupt, there would be an earthquake in the banking sector". This was stated by the general secretary of Fabi, Lando Maria Sileoni, interviewed this morning on Radio24.

According to Sileoni "we must be realistic, the bank must be saved, the Mef and the previous government had decided to find an important partner in agreement with the ECB and the change of government delayed the operation".

Now, for the leader of the largest banking union, we must go ahead because "an important institution like Monte with 18 thousand employees" cannot be put out of business, so "a way must be found".

The delay referred to by Sileoni is that which concerns the hypothesis of aggregation between Mps and Unicredit.

If at the end of the year the operation seemed hinged on a rather fast schedule, now the picture has changed. Not only the crisis of the old parliamentary majority at the beginning of the year and the consequential birth of a new executive contributed to complicating the maneuvers, but also the position of some shareholders of Piazza Gae Aulenti.

In fact, among the shareholders of the second Italian banking group, doubts about marriage with the Siena institution are growing, fueled, moreover, also by growing dissent in the first line of the top management of Unicredit itself.

Hence the concerns of Sileoni who in fact raised an alarm, reminding all interested parties – both on the banking front and on the political side – that the MPS issue must be addressed and resolved.

At Unicredit, the new president, Pier Carlo Padoan, will have to take care of it closely. In fact, it is up to the former Minister of the Economy and former PD parliamentary to manage the dossier in person. And it is in Padoan, in these days, messages of dissent on the MPS case are being delivered both from the shareholders and from the executives of the group.

Yesterday the list for the new Unicredit board of directors was presented, which will be joined, as CEO, by Andrea Orcel ( here the in-depth analysis of Start Magazine with names, news and surprises of the board list ). But the installation of the new board is set for April, which is why the times, for an official position on Montepaschi, expand further.

During the interview with Radio 24 , Sileoni also commented on the ruling of the EU Court of Justice, which definitively closed the Tercas case: according to the European judges, the intervention of the Interbank Deposit Protection Fund in 2015 would have been legitimate.

Therefore, the EU Commission was wrong to consider the support of the Fitd as illegitimate State aid which, although provided for by a State law, is a private body that feeds from resources of all Italian banks.

The European ruling, said the secretary general of Fabi, is “a warning for all situations that will have to be managed. Now the EU Commission knows that there has been a favorable ruling. He knows perfectly well that we no longer suffer, but that we are ready to react. Beyond compensation, compensation and timing, the problem is another: we must send capable people to the European Parliament. We have to send people who are experts in the sector and in finance because, when measures like this then intervene, appeals are won but when the mess has already been made ”.

Returning to that season and the legal consequences that have arisen for many of its protagonists, Sileoni concluded: «In that period there was the theme of the so-called betrayed savings, which was the result of bad management. There are still trials underway and I hope that there will be particularly heavy sentences for those who managed those banks ”.

A question that intersects with the sale of even risky products to customers and Sileoni has very clear ideas: «Commercial pressures in the bank are the cancer of the moment, they are a tumor that must be eradicated. Who works at the counter does not decide, the choices pass to the managers. The financial products on sale are not decided by the directors or by the workers at the counter, but are part of a policy made by banking groups that want to achieve commercial objectives ”.

This is a machine translation from Italian language of a post published on Start Magazine at the URL on Thu, 04 Mar 2021 17:15:35 +0000.