Government takes time on bank consolidation. According to Il Sole 24 Ore, the latest text of the Dl Sostegni Bis ended up on the table of the Council of Ministers does not contain all the rules, circulated in recent weeks, with the extension and the increase of tax incentives.
In detail, banks interested in extraordinary transactions are allowed to call the shareholders’ meetings in 2022, and therefore the limit of 31 December 2021 is only valid for the board of directors: by the end of the year, any wedding will have to pass the examination of the boards, which will therefore have more time available than required by the regulations in force.
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On the amount of the incentives, however, no raise: the bonus remains but is equal to what has been foreseen so far. According to what appears, however, the reform would only be frozen and not set aside. Behind the question there are political reasons, with some forces supporting the majority – Lega in primis – rather skeptical about getting back to the matter; but to suggest the postponement there would also be a still unclear market framework: depending on the formulation adopted, the new rules will have different impacts on the banking ecosystem, with some institutions such as Mps, UniCredit and Bpm in the middle of the ford. Before deciding in which direction to go, the Government could wait for the individual company heads to take clearer positions on the m & a chapter.
In the meantime, negotiations with the EU on the necessary authorization are proceeding given that it is state aid, but there would be no particular stiffening from Brussels.