ITALIA, la doccia fredda sul fondo di Garanzia depositi

ITALIA, la doccia fredda sul fondo di Garanzia depositi

Per molti una vera doccia fredda, per alcuni solo un quotidiano percolare a temperatura ambiente….

gelo doccia maltaway

Cari amici Italiani, i vostri assets in Italia sono esposti a rischi più per il solo motivo di essere in Italia e presso il sistema bancario italiano (fiduciarie e polizze comprese), quindi esposti a 2 malati gravi di questo nostro amato sistema….bail in sia con voi…senza garanzie

Se vi interessa trasferire e relocare i vostri assets, voi stessi, la vostra famiglia e il vostro business, noi di MALTAway vi offriamo competenze e practices di un team preparato per consigliare ed agire…MALTAway is your way for Corporate and Assets Governance

Banche salvate, indennizzi da Fondo depositi, ha casse vuote

ROMA (Reuters) – Il decreto recente per gli indennizzi “attinge alle disponibilità del fondo interbancario di tutela dei depositi”, che anche per questo ora ha le casse vuote.

Lo ha detto il presidente del Fondo Salvatore Maccarone.

Il riferimento è al decreto che venerdì ha stabilito un meccanismo di ristoro forfettario per gli obbligazionisti colpiti dalla risoluzione delle quattro banche dello scorso novembre.

Il governo ha detto che le risorse sarebbero arrivate dalle banche e che non c’era un limite all’intervento.

“Le casse sono vuote e contribuiscono a renderle tali questi provvedimenti di ristoro degli obligazionisti delle quattro banche”, ha aggiunto Maccarone, che ha reiterato le sue critiche all’interpretazione della Commissione europea che ha inibito un intervento del Fondo per le quattro banche che avrebbe evitato la risoluzione.

Dallo scorso anno le contribuzioni obbligatorie delle banche al Fondo di garanzia dei depositi sono ex-ante e devono raggiungere la consistenza dello 0,8% dei depositi protetti entro il 2024.

“Le banche hanno iniziato a versare dal secondo semestre 2015, poco più di 250 milioni, e la contribuzione annuale sarà di circa 500 milioni”, ha spiegato Maccarone.

“Quest’anno potrà essere di più perché se vengono usati poi vanno reintegrati”, ha aggiunto.

A chi gli chiedeva se poi questo sistema di utilizzare il Fondo per gli indennizzi non rischi di incappare nelle obiezioni dell’Antitrust Ue, ha risposto: “Chiedete al legislatore. È stato costruito come meccanismo di risarcimento per misselling”.

Maccarone ha detto di non poter fare stime su quanto verrà richiesto al Fondo per questa finalità, limitandosi a ricordare che l’outstanding dei bond subordinati venduti al retail era di circa 320 milioni di euro.

“Sul piano prospettico la situazione non è certamente incoraggiante. Oggi questa interpretazione della Commissione (sull’utilizzo dei fondi di garanzia dei depositi) corre il rischio di diventare norma”.

Ora con il bail-in in vigore, Maccarone ha detto che c’è la prospettiva concreta che la crisi di una banca si risolva con la sua liquidazione.

“Non credo che il nostro sistema economico e civile sia pronto… Nel caso di una banca in liquidazione non verrebbero pagati i depositanti”, ha spiegato.

Il fondo sarà alimentato con contribuzioni ex-ante ma non può lavorare, come in passato, per prevenire una crisi bancaria.

“Stiamo studiando la possibilità di irrobustire il meccanismo volontario per rendere possibili interventi preventivi”.

“Ora nel fondo volontario ci sono 300 milioni, sono pochi, non ci si fa granché”, ha detto.

La ragione di creare anche un fondo volontario, ha spiegato il presidente del Fondo di garanzia, è che “oggi non si può ripetere lo schema delle quattro banche. Se la banca è ‘likely to fail’ e non si trova una soluzione rapidamente, la strada è o la risoluzione o la liquidazione coatta. E non voglio pensare a una soluzione che colpisca i depositanti”.

 

Il momento di RISCHIARE

 MALTAway per comprendere e agire in un modo Differente

 

La reputazione Internazionale dell’ITALIA sempre più simile a quella della Grecia e per alcune questioni (mafia,debito,burocrazia) anche peggio

La reputazione Internazionale dell’ITALIA sempre più simile a quella della Grecia e per alcune questioni (mafia,debito,burocrazia) anche peggio

Italia è ormai da tempo un paese dove è diventato istituzionale fottere il prossimo, non aspettare a lungo perchè (più) prima (che) poi toccherà anche a te

I flussi di capitali e di teste in uscita dall’Italia sono davvero spaventosi, distribuite il vostro rischio come persone,famiglia,asset, impresa, competenze su altri paesi…ma non seguite il gregge

Maltaway vi offre soluzioni pratiche che potete valutare ed iniziare ad implementare in pochi giorni

Italy’s organised crime groups have demonstrated devious ingenuity in everything from drug trafficking and prostitution to extortion and counterfeiting.
Now they have found a new source of illicit profits: the migration crisis that has seen thousands of asylum-seekers land on Italian shores after crossing the Mediterranean Sea from north Africa.

The care and feeding of such migrants may end up costing the Italian government as much as €800m per year, with it offering private individuals, companies and non-profit organisations up to €35 a day per person to host them. That includes a daily pocket money allowance of €2.50 that hosts are supposed to pay directly to the refugees.
Those funds have proven irresistible to the Mafia, according to Italian prosecutors and watchdog groups, who say criminal groups have succeeded at rigging the awarding of the contracts for the management of migrant reception centres in several high-profile cases.
“This is a very widespread problem. Welcoming migrants has become a big business,” says Gabriella Stramaccioni, who is charge of social policy at Libera, an anti-Mafia organisation. “We believe many centres are involved, in several cities,” she adds.
In one intercepted phone call released by Italian police last year, Salvatore Buzzi, a leftwing social activist who served time in jail for murder in the 1980s, remarked: “Do you have any idea how much I earn on immigrants? Drugs are less profitable.” Mr Buzzi, who was arrested, denies any wrongdoing.
This week brought a grim reminder of the human toll of the refugee crisis, after as many as 40 people drowned about 30 miles off the north African coast when their inflatable dinghy flooded.
Those who reach land safely face huge obstacles to rebuild their lives in Europe. Criminal involvement in their lodging and care has only darkened their plight since it can often lead to reduced services for the refugees.
It has also provided fodder for anti-immigrant groups seeking to block any form of public assistance to the new arrivals. “We must stop the departures and the landings, and block all the contracts,” Matteo Salvini, leader of the anti-immigrant Northern League, wrote last month on Facebook.
According to Italian officials, the criminal enterprise that has come to dominate the business of lodging asylum seekers is a group based in Rome — known as Mafia Capitale — that has made public corruption one of its main sources of revenue.
Traditional Mafia groups such as Sicily’s Cosa Nostra, the Calabrian ‘Ndrangheta or the Neapolitan Camorra — have also been linked to the migrant trade, but have so far been less active.

The Roman organisation was unearthed by Italian prosecutors last December. Its top brass allegedly colluded with local politicians and government officials to have the migrant centres run by “co-operatives”, or charity groups, that could serve their interests. Mr Buzzi is alleged to have had close ties to such groups.
Giovanni Salvi, the former chief prosecutor of Catania, in Sicily, the first Italian destination for many migrants, says organised crime gained a foothold in the migrant business because the flood of arrivals — some 170,000 people last year and as many expected this year — have left public officials scrambling each day to find accommodations, often with little oversight.
But Mr Salvi, who became prosecutor-general of Rome this month, says the “new element that shook the Italian political tissue and public opinion” was that some NGOs were involved in the “exploitation”.
“Government officials had people who seemed full of values as their interlocutors and it lowered their defences,” he said. “But then it emerged that this network was simply a way of making money.”
Ignazio Marino, the mayor of Rome, this week highlighted the criminal infiltration at a Vatican event on climate change and slavery attended by many of his counterparts from around the world.
“We’re working to restore legality and transparency. In recent years corrupt politicians and officials have taken advantage of the migrant drama,” Mr Marino said. “Instead of serving the poor, these officials made use of the poor.”

http://www.ft.com/intl/cms/s/0/0d0371d0-31f4-11e5-8873-775ba7c2ea3d.html#axzz3h12RZJ4u

 

Greek Capital Controls To Remain For Months As Germany Pushes For Bail-In Of Large Greek Depositors….Italian debt is exploding what’s about the Italian Depositors?

Greek Capital Controls To Remain For Months As Germany Pushes For Bail-In Of Large Greek Depositors….Italian debt is exploding what’s about the Italian Depositors? (in Italy bail in scheme has been already approved)

Two weeks ago we explained why Greek banks, which Greece no longer has any direct control over having handed over the keys to their operations to the ECB as part of Bailout #3’s terms, are a “strong sell” at any price: due to the collapse of the local economy as a result of the velocity of money plunging to zero thanks to capital controls which just had their 1 month anniversary, bank Non-Performing Loans, already at €100 billion (out of a total of €210 billion in loans), are rising at a pace as high as €1 billion per day (this was confirmed when the IMF boosted Greece’s liquidity needs by €25 billion in just two weeks), are rising at a pace unseen at any time in modern history.

Which means that any substantial attempt to bailout Greek banks would require a massive, new capital injection to restore confidence; however as we reported, a recapitalization of the Greek banks will hit at least shareholders and certain bondholders under a new set of European regulations—the Bank Recovery and Resolution Directive—enacted at the beginning of the year. And since Greek banks are woefully undercapitalized and there is already a danger of depositor bail-ins, all securities that are below the depositor claim in the cap structure will have to be impaired, as in wiped out.

Now, Europe and the ECB are both well aware just how insolvent Greek banks are, and realize that a new recap would need as little as €25 billion and as much as €50 billion to be credible (an amount that would immediately wipe out all existing stakeholders), and would also result in a dramatic push back from local taxpayers. This explains why Europe is no rush to recapitalize Greece – doing so would reveal just how massive the funding hole is.

However, with every passing day that Greece maintains its capital controls, the already dire funding situations is getting even worse, as Greek bank NPLs are rising with every day in which there is no normal flow of credit within the economy.

This has led to a massive bank funding catch-22: the longer capital controls persist, the less confidence in local banks there is, the longer the bank run (capped by the ECB’s weekly ELA allotment), the greater the ultimate bail out cost, and the greater the haircut of not only equity and debt stakeholders but also depositors.

To be sure, we have explained this dynamic consistently over the past several months. Now it is Reuters’ turn, which reports this morning that, far from an imminent end to capital controls, Greeks will be unable to access their full funds for months, if not years:

Greek banks are set to keep broad cash controls in place for months, until fresh money arrives from Europe and with it a sweeping restructuring, officials believe.

But as explained previously, new money will only arrive if and when the same banks suffer a confidence crushing stakeholder and/or a depositor bail in:

Rehabilitating the country’s banks poses a difficult question. Should the euro zone take a stake in the lenders, first requiring bondholders and even big depositors to shoulder a loss, or should the bill for fixing the banks instead be added to Greece’s debt mountain?

And here is Reuters’ realization of how our readers have known for months is a huge feedback loop dynamic:

Answering this could hold up agreement on a third bailout deal for Greece that negotiators want to conclude within weeks. The longer it takes, the more critical the banks’ condition becomes as a 420 euro ($460) weekly limit on cash withdrawals chokes the economy and borrowers’ ability to repay loans.

 

The banks are in deep freeze but the economy is getting weaker,” said one official, pointing to a steady rise in loans that are not being repaid.

Also last week Fitch calculated a Greek NPL number which we first suggested was accurate to much disagreement by the mainstream: it is now accepeted that more than half of all Greek loans are likely to be non-performing.

Fitch noted that the total amount proposed of 25 billion euros for the Greek bank recap is sufficient unless deferred tax assets stop being considered as core capital. According to Fitch, 45 percent of the four systemic lenders’ core capital consists of deferred tax assets. The agency estimated the capital requirements at 11.2 billion euros on the condition thatnonperforming loans amount to 52 percent of loan portfolios, while the adverse scenario seeing bad loans at 60 percent would entail capital needs of 15.9 billion euros.

A 60% NPLs on €210 billion in loans would mean that up to 30% of Greek deposits of about €120 billion currently would be wiped out, or “bailed-in.”

And that is the optimistic scenario. The likelihood is that the Greek economy has collapsed to a level where nobody is paying their loan interest or maturity. As such as an even greater NPL percentage is now quite probable. But one thing is certain: with every passing day in which Greece does not have a viable resolution of its banks, the NPLs will keep rising, and the ultimate deposit haircut will be that much greater.

As a result Germany is already demaning a bail-in of large depositors, those holding over the “insured” threshold of €100,000 with Greek banks, in a repeat of the Cyprus depositor bail-in template.

“We want, if possible, an initial amount to be ready for the first needs of the banks,” said one official at the Greek finance ministry, who spoke on condition of anonymity. “That should be about 10 billion euros.”

 

Others, including Germany, however, are lukewarm and could push for losses for large depositors with more than 100,000 euros on their accounts, or bondholders.

The amount of large depositors in Greece is about €20 billion according to Reuters calculations (far greater than the €3 billion in bonds issues which will certainly be wiped out in any major recap), which suggests that if a bail-in takes place, then some depositors with savings of less than €100,000 will also have to be impaired.

Furthermore, as we also explained a month ago, unlike in Cyprus where the biggest depositors were Russian billionaire oligarchs, who had zero leverage and even less sympathy with Europe’s depositors, in Greece the situation could not be more different especially since the local shipping magnates keep the bulk of their cash overseas:

Imposing a loss, something the Greek government has repeatedly denied any planning for, would be controversial, not least because much of this money is held by small Greek companies rather than wealthy individuals.

 

“This is not like Cyprus where you can say these are just Russian oligarchs,” said an insolvency lawyer familiar with Greece. “It’s the very community everyone is hoping will resuscitate Greece, namely the corporates. You’ll end up depriving them of their cash.”

None of this should be a surprise either: recall in June 2013 we explained that “Europe Make Cyprus “Bail-In” Regime Continental Template.” But while the French member of the ECB, Christian Noyer, is against depositor bail-ins, Germany is all for it:

The tone in Berlin is different, where some advocate not only that bank creditors foot the bill but also that the ESM steer clear of any direct stake, lumbering Athens with the banks’ clean-up.

 

“The recapitalization will have to be done by the Greek government so that means more money in the third program,” said Marcel Fratzscher, president of the Berlin-based German Institute for Economic Research. “It’s a loan they have to repay but there is no risk-sharing on the European side. They will have to bail in the private creditors. I can’t see how this could not happen.”

The most likely outcome for the Greek banks is a wholesale bailout by the ESM. That, however, comes with major strings attached:

One option, according to euro zone officials, is the direct recapitalization of Greece’s banks by the euro zone’s rescue fund, the European Stability Mechanism (ESM).

 

This could grant the Luxembourg-based authority a direct stake in the banks and greater control over their future.

 

That, however, would take Greece closer to the Cyprus model. Any such direct ESM aid requires that losses first be imposed on some of the banks’ bondholders and even large depositors.

So Greece is damned if it does, and damned if it doesn’t.

And here is why we made such a big deal of Greece handing over controls of its banks to the ECB as we reported in mid July:

To avoid such orders, Athens is battling to keep autonomy in deciding the fate of its banks. Ceding further control could cost it dearly. Bondholders are nervous.

Alas, Greece already ceded control, remember: that was one of the main conditions for the Third Greek bailout, all of which we explained on July 13 in “Greece Just Lost Control Of Its Banks, And Why Deposit Haircuts Are Imminent.”

At this point the only leverage Greece may have, having squandered all of its true leverage when it decided not to pursue a “parallel-currency” system after the Referendum, is mere empathy with the rest of Europe’s population; however with its ruling socialists backtracking on all their promises and in fact pushing Greece into an austerity program harsher than anything seen yet, not even the leftist parties in Europe care any more if Tsipras’ government survives.

Indeed, Reuters summarizes the situation quite well when it says that “with its economy starved of cash and the threat of its departure from the euro zone hanging over talks, Athens’ room for maneuver is limited. One euro zone official summarized the mood: “Whatever sympathy there was for Greece has evaporated.

Which is indeed the truth, and this time, Greece only has itself to blame.

http://www.zerohedge.com/news/2015-07-26/greek-capital-controls-remain-months-germany-pushes-bail-large-greek-depositors

Italia in 6 mesi boom di acquisti di case all’estero, MALTA è il vostro Nord Europa in mezzo al Meditterraneo

Italia in 6 mesi boom di acquisti di case all’estero, MALTA è il vostro Nord Europa in mezzo al Meditterraneo

Non fatevi influenzare dai giornali e non seguite il gregge, non mettete liquidità e asset in paesi a rischio che nel migliore dei casi non faranno altro che tassare il vostro patrimonio per risanare le loro finanze

Scappate da questi paesi del Mediterraneo essenzialmente falliti, investite nella vostra casa a Malta, a zero tasse in un paese competitivo e sano dal punto di vista economico, finanziario, sociale e morale….il vostro Nord Europa in mezzo al Meditterraneo 

Con Maltaway puoi avere pacchetti di servizi che ti consentono di agire in pochi giorni, visitare Malta, capire e investire

Roma, 22 lug. (askanews) – Nel primo semestre di quest’anno gli italiani hanno comprato oltre 24mila case all’estero, si tratta di un aumento del 9,5% rispetto al corrispondente periodo dello scorso anno.

Sono i numeri diffusi da Scenari Immobiliari che per fine anno prevede il superamento di quota 50mila, il nuovo massimo storico, dopo il precedente picco di 45.700 case registrato nel 2014. Un risultato che consegna alle famiglie italiane il terzo posto come acquirenti europei di case all’estero, fanno meglio solo tedeschi (70mila alloggi) e gli inglesi (55mila)

“A spingere la domanda”, spiega Scenari Immobiliari, ” c’è la forte liquidità disponibile e la ricerca di investimenti immobiliari a basso costo e posizionati in zone di mare, possibilmente nel Mediterraneo. Nel 2014, infatti, quattro acquisti su dieci sono stati realizzati tra Spagna, Francia e Grecia”. La Spagna, in particolare, ha assorbito il 23% degli investimenti immobiliari delle famiglie italiane.

Situazione più complessa in Grecia dove, nei primi sei mesi del 2015 c’e’ stato il Grexit dal mattone ellenico a causa dell’incertezza sul destino del paese, tanto che gli acquisti degli italiani nella repubblica ellenica rappresentavano solo l’1% del totale degli investimenti nel mattone estero. Nel 2014 la Grecia pesava invece il 9%, il picco nel 2011 a quota 14%.

Ma dopo gli accordi tra Atene ed i suoi creditori, il mercato è ripartito. “Si è innescato un fenomeno che si può definire Grex-in, una corsa a comprare le case che i greci in difficoltà economica metteranno in vendita, con gli italiani in prima fila nella corsa agli acquisti”, spiega il rapporto.

In Grecia c’è anche uno stock di 250mila alloggi invenduti che favorisce la discesa dei prezzi, escluse le località top, quali Santorini.

https://it.finance.yahoo.com/notizie/6-mesi-boom-di-acquisti-di-case-allestero-130723792.html

 

Una delle regole d’oro del mondo degli investimenti e della Finanza

Una delle regole d’oro del mondo degli investimenti e della Finanza, potrebbe essere completamente sbagliata.

La relazione RISCHIO – RENDIMENTO è una fesseria (NON la realtà)

Gli investimenti in asset rischiosi, generano un rendimento inferiore rispetto a quelli in asset meno volatili

MALTAway Investimenti consente di trovare a Malta una soluzione unica che combina veicoli legali, bassa struttura dei costi e fiscale ed efficienti strumenti finanziari, per avere protezione e crescita del tuo PATRIMONIO

One of the Most Famous Rules of Investing Might Be Totally Wrong

The risk-reward relationship is Bunk (not Truth).

40 years of stock market data show that bets on riskier stocks—as defined by their vulnerability to broader swings in the market—generate lower returns than safer investments do. Factor in tail risk and the rewards become evident, but that’s not the kind of risk most investors base their picks on.

There is supposed to be one fundamental truth in investing: If you take on more risk, you can expect a bigger reward. With new research suggesting that things may not be so simple, investors may want to adjust their strategies—or at least their expectations—accordingly.

http://www.businessweek.com/articles/2014-12-03/the-real-stock-market-risk-is-the-one-you-cant-see#r=rss

maltaway_balatti board member finance_bunk