• Banca Etruria, Barbagallo: fusion with Vicenza never encouraged
  • Banca Etruria, the Boschi's father under investigation. Pm of Arezzo writes to Casini: "I have not omitted anything"
  • Banks, Renzi: "Banca Etruria alibi to eliminate any criticism"

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December 14, 2017On Banca Etruria "I was able to talk about the matter with the then Minister Boschi," who expressed "a framework of concern because in his opinion there was the possibility that Etruria was incorporated by the Popolare di Vicenza and this was a nuisance for the main industry of Arezzo which is gold ". This was stated by Consob president Giuseppe Vegas in a hearing with the banks commission, stating that "I replied that Consob was not competent" on the aggregation choices of the banks.

On that occasion, Vegas specified, it was the minister "who asked if she could see me and came to Milan". When asked if he had dealt with the subject of Etruria at other times, Vegas said "Boschi told me in a another chance his father would become vice president ".

Banca Etruria, in 2012-2013, "has operated and solicited public savings through offers, in the absence of a correct and complete information framework about the real critical situation in which it found itself". This was stated by Consob's deputy dg Giuseppe D'Agostino to the Commission of Inquiry on Banks according to which "the operations for a total of 320 million euros were carried out, without mentioning the significant critical issues and anomalies", "critical points of which Etruria had had full awareness, also following the indications received from the Bank of Italy, starting from July 2012 '

"Only in May 2016, Consob became aware of the fact that already in July 2012 the Bank was fully aware of the relevant and pervasive critical aspects highlighted by the Bank of Italy, following the inspections carried out in the first quarter of 2010" . This was stated by Consob's vice-president Giuseppe D'Agostino in a hearing with the commission of inquiry into banks, stating that "these profiles have never been brought to the attention of Consob or the market" by omitting the complete findings highlighted by the supervision. "Basically, Banca Etruria proceeded with its own capitalization (conversion of the subordinated loan for € 109.9 million, which took place in December 2012, a capital increase of € 100 million in June 2013 and issues of subordinated bonds for a total of 110 million euros), without ever claiming to be in a situation of serious management and asset criticism, as indicated by the Supervisory Authority in July 2012 ".

This "omissive behavior was reiterated by the Bank also in December 2013, on the occasion of the spread to the market of the critical issues highlighted by the Bank of Italy, following the inspection concluded in 2013 and represented at Banca Etruria with the letter of 3 December 2013" . Both in the press release, issued to the market at the specific request of Consob (which had received from Via Nazionale a summary of its remarks ed), which in the supplement to the prospectus for the issue of subordinated loans, the Bank failed to inform the market that, based on the assessments of the Bank of Italy, in mid-2013 it was in a situation of structural shortage of assets, insufficient profitability and low quality of the loan portfolio; a situation that had arisen at least as early as 2010 and that had gradually worsened over time, due to the inertia in responding to requests from the Bank of Italy, in implementing a series of corrective actions on organizational and procedural arrangements, not lastly, to merge into a larger banking entity ".