Unicredit, Giorgetti: « The golden power on banks does not concern ECB and commission »

The free conditioned condition of the Italian government in Unicredit for the acquisition of Banco BPM responds « to the national interest » and it is not a question that concerns the European Central Bank or the EU Commission. From Washington, where at the meetings of the International Monetary Fund can claim the good results of Italian public finance, the Minister of Economy, Giancarlo Giorgettidefends the special powers just exercised by the government on the operation between the two banks. By opening an unpublished front, because for the first time a national standard comes to question the powers of banking supervision, which in the case of Unicredit and BPM, as « systemic » banks would be up to the ECB.

The law of 2022

« There is a law of the Draghi government of 2022, which I voted, which provides that the government must evaluate the national interest, which is not a competence of the ECB or the DG Competition of the EU. I envy the USA: here they have a virile concept of national interest, in Italy a little more lasque, « Giorgetti said yesterday. In fact, the DPCM of 18 April with which the green light was given to Unicredit for the offer on Banco BPM, has been formally notified to Frankfurt, or Bankitalia, nor in Brussels, does not appear. The decree of the Prime Minister was not published in the Gazzetta, and is officially known only by the two interested parties, Unicredit and Banco Bpm.

Draft

In the draft circulated in recent days, however, the principles of the line supported by the Minister of Economy are very well outlined. « The sector regulation and the connected powers attributed to the supervisory authorities – writes the MEF in the investigation reported in the premises of the DPCM – do not appear suitable to mitigate the risks of a potential reduction of the uses made in Italy », the object to be defended evidently with a stronger rule.
Among the requirements imposed, in addition to selling Unicredit’s activities in Russia within nine months, there are not to reduce the relationship between jobs and deposits in Italy for five years, increasing loans to families and small businesses, not to reduce project finance in Italy, not to reduce soul investments in Italian securities.

The perplexity

Criteria and conditions have aroused perplexity in Forza Italia, which has placed a formal reserve for the provision, in Unicredit, which meditates the judicial opposition, and throughout the banking system. Almost certainly also in the European supervision system that no one, says a banker, had so openly questioned. The Golden Power legislation was updated and strengthened in 2022, the banking and financial system was subsequently inserted among those of national interest, and it is the first time that the special powers of the treasure applied to banks.

International awards

Meanwhile, Giorgetti collects international awards for rigor in public finance, which he claims. «Rating agencies no longer ask many questions and now take the sustainability of our debt for granted. Three years ago it was different, it is a big step forward, « said the minister, who met the secretary of the US Treasury, Scott Bennett. « There are openings on both sides and conditions to discuss a great agreement with the USA that goes beyond the duties, and which concerns the tax authorities on digital services and defense expenses ».