Venerdì 18 Gennaio 2019 | 15:25

NEWS DALLA SEZIONE

Rome
EU limits aggravate problems says Tria

EU limits aggravate problems says Tria

 
Vatican City
Pope kicks off prayer week for Christian unity

Pope kicks off prayer week for Christian unity

 
Farindola
Don't pay fine Salvini tells Rigopiano victim's dad

Don't pay fine Salvini tells Rigopiano victim's dad

 
Rome
EU political union 'inevitable' says Savona

EU political union 'inevitable' says Savona

 
Varese
Severed hands man gets life for killing wife

Severed hands man gets life for killing wife

 
Milan
League whip, MEP, Bossi Jr, Minetti guilty in funding case

League whip, MEP, Bossi Jr, Minetti guilty in funding case

 
Berlin
We respect Brexit but need clarity - Mattarella

We respect Brexit but need clarity - Mattarella

 
Rome
Will to create European bonds lacking - Visco

Will to create European bonds lacking - Visco

 
Rome
I protects prisoners' dignity -Bonafede after Battisti video

I protects prisoners' dignity -Bonafede after Battisti video

 
Berlin
Mattarella lauds friendship between Italy and Germany

Mattarella lauds friendship between Italy and Germany

 
Rome
1.8mn families eligible for basic income - govt source

1.8mn families eligible for basic income - govt source

 

Rome

Elderly, big losers to get preference in bank arbitration (3

Panels will be tasked to judge if bond sales were transparent

Elderly, big losers to get preference in bank arbitration (3

Rome, January 15 - The elderly and those who have lost the most will get preference in upcoming arbitration, free of cost, for investors left with worthless bonds after the rescue of four small lenders, Banca Etruria, Banca Marche, CariFe and CariChieti, according to a draft decree seen by ANSA Friday. Twelve 'colleges' of five members each will be set up and will make their recommendations to the National Anti-Corruption Authority (ANAC) led by Raffaele Cantone. The panels will be made up of officials who have performed the same roles for the Bank of Italy or bourse regulator CONSOB, the draft decree said. Arbitration will take a maximum of 120 days and will be decided by a majority vote. The 'arbiters' will be tasked with deciding whether bank officials who sold investors subordinated bonds - a relatively risky investment instrument - did so according to the rules of transparency and correct practice. Cantone said earlier this week that the government will have the decree to reimburse the small investors ready by the end of the month. "We're aiming for a decree by the end of the month," he said on his way out of the premier's office. "The economy ministry is working on the compensation criteria, we're concentrating on how to organize the arbitration". The four failed lenders' 3.6-billion-euro government-decreed rescue in November, financed by healthy Italian banks, saved jobs and protected account holders, but shares and bonds in the banks are now worthless. One of Banca Etruria's former bondholders, Luigi d'Angelo, committed suicide after his life savings became worthless. The small investors whose savings went up in smoke are seeking government compensation. The government has set up a 100-million-euro fund which savers' groups say will not be enough.

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