The new Danish Compromise offered for by banking laws appears increasingly more just like the Arab Fenice: that every one is saying, the place nobody is aware of. And definitely they don’t assist the European banking authorities perceive that, as emerged in the previous few days within the BancoBPM-Soul Sgr case, have carried out all the things to confuse the waters on the deserves of the matter. And above all they created an unprecedented mess in communication to the market of their (in) choices.
The ballet
First the ECB despatched a reverse however not binding opinion to BancoBPM on the advantages of the Danish compromise, suspending a last resolution primarily based on the pronouncement of the ABA. Yesterday the latter thought it nicely to reply on its web site to an nameless Q&A (from which it may very well be deduced that the applicant was BancoBPM) that it’s “a case in which the question affects profiles and elements that require a more in -depth and wide evaluation, not compatible with the instrument of the Q&A of the ABA”. Not even Ugo Tognazzi within the outdated movie my buddies would have been in a position to be clearer.
After the 2 days of “communicative delirium” of the European banking authorities, the one impression that transpires is that the EU vigilantes cheer for the Paneuropeo Unicredit large, extra just like them as worlds of belonging, in an try to beat the smallest and most Italian BancoBPM which, nonetheless, with a market capitalization that exceeds 14 billion euros, has an unlimited viewers of Italian and international shareholders who would have deserved. An official communication on a call that impacts the worth of the financial institution.
The impression
Moreover, it was in no way stated that the mysterious (in) ECB choices and Eba obtain the specified end result since Unicredit has reserved the suitable to maneuver ahead on the OPS on BancoBPM primarily based on the adhesions to Opa that the latter has ongoing on Soul Sgr (the upper they are going to be, the higher the capital absorbed by the operation).
Beyond the particular case, the regulatory query stays standing that impacts varied European banks. Does the so -called “Danish Compromise Squared” exist or not? To know, it has been understood that the banks is not going to should go from the Q&A with the eba. Nor to ask for ECB, which refers back to the ABA. The solely certainty is {that a} laws entered into drive from 1 January 2025 nonetheless doesn’t have its personal clear scope of utility.
https://www.ilsole24ore.com/art/bancobpm-anima-pasticcio-comunicativo-eba-e-bce-AGiJ5OnD