The Ministry of Economy responds to Unicredit: the « Golden Power is legitimate » on the climb to Banco Bpm

The Ministry of Economy responds to Unicredit: The Golden Power on the Banco Bpm climb is legitimate and its prescriptions are achievable, but the institution may demonstrate that it is not objectively possible to respect one or more stakes. This, in summary, the content of the letter sent yesterday by MEF to the bank led by Andrea Orcel who had asked for clarifications on the five prescriptions contained in the decree of 18 April.

The Russian question

The letter arrives as part of the monitoring procedure on compliance with the Golden Power stakes and therefore moves in the riverbed of what was established by the decree, not being able to modify it. In short, it has a technical and non -political nature and details the sense of the prescriptions in response to Unicredit’s questions. The bank complains for example the risk that a precipitous exit from Russia may damage active companies in the country that rely on Unicredit. The MEF replies that the obligation to cease any activity in Russia does not include mere management of payments and treasury on behalf of the Italian companies still present in the country.

Objective circumstances

More generally, the Ministry’s officials stressed that Unicredit always has the faculty « to communicate and prove the circumstances that do not allow, in the concrete case, the fulfillment of the individual prescriptions, to be read in the light of the principles of loyal collaboration and good faith ». In short, the bank can demonstrate to the MEF that it is not possible to respect some stakes not because it does not want but because it is objectively impossible. So it would be, for example, if the government of Vladimir Putin prevented Unicredit from selling local activities to Arab funds that have also come forward in recent weeks. A dialogue between Unicredit and MEF is possible, but always in the frame of the prescriptions set in the DPCM on the Golden Power.

The words of Orcel and Messina

CEO Orcel witnessed the presentation of the annual report of the Governor of Bankitalia, Fabio Panetta, but did not comment on the exchange with the MEF. «In this moment of strong macroeconomic turbulence Unicredit is ready to finance the credit demand for families and businessesin particular that of SMEs, which are at the center of the economic system of Italy, « said Orcel who was sitting next to the CEO of Intesa Sanpaolo, Carlo Messina. Who wanted to clarify his thought on the role of governments in finance. «It is right that a government intervenes on strategic components for the country, and savings are now undoubtedly a strategic component Because if we want the independence of our country, it is not only energy and defense but it is also the allocation of savings in a country that has a strong public debt « .