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2022 | OriginalPaper | Chapter

7. The Rescue of Banks in Crisis

Author : Cristina Rovera

Published in: Ethics in Banking

Publisher: Springer Nature Switzerland

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Abstract

This chapter aims to study the banking crises that have affected Italy in recent years, comparing them with what happened in other European countries. The first difficulties were recorded by Carife, Banca Marche, Carichieti and Banca Etruria in 2015, which were then followed by Veneto Banca, Banca Popolare di Vicenza, Monte dei Paschi di Siena and Carige in 2017. The last case is that of Banca Popolare di Bari, which ran into difficulty in 2019. The intermediaries differ in size and nature, but the difficulties encountered were caused by the same problems. The first aim is therefore to discuss the causes that led to the crises and then to see the solution adopted. To this end, bail-out, bail-in and bail-over will be discussed. Bail-out is the traditional public rescue, and this was followed by the introduction of the innovative bail-in, the private rescue (internal to the bank). The Italian legislator actually opted for a third solution: bail-over, i.e. a bail-out by the healthy banks. The latter can be discussed from many points of view and lends itself well to a reflection on the ethics of the legislative choice adopted.

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previous chapter Islamic Finance and Microcredit
next chapter Financial Frauds: Is Italy Different?
Footnotes
1
Think of Banco Ambrosiano or the southern Italian credit system.
 
2
2018 was the year in which a number of changes were made to the bank’s annual financial statements. Comparison with previous years therefore required slight adjustments, while respecting the fundamental business principles.
 
3
The Return On Equity calculated here is inspired by the doctrine of Ferrero et al. (1994), who say that the ratio is calculated by dividing the net income on “average net worth resulting from combining two consecutive balance sheets”. The denominator is obtained by summing share capital and self-financing sources, which include reserves and share premiums.
 
4
In 2015–2016, the press testified to the numerous demonstrations of savers who felt that they had been cheated by their bank.
 
5
The case of the Spanish Banco Popular in 2017 is a good example, in which the intervention of the Santander group limited the losses to shareholders and some bondholders, saving current account holders.
 
6
The name is taken from an article in the Sole 24 Ore published in November 2015 (Econopoly): “… this is not a real bail-in, in that the coverage of losses was not also borne by senior debtors and current account holders … Nor is it really a bail-out, as the funds used do not come from the State. … a mixed solution was devised and called, using a neologism, a bail-over”.
 
7
The fund was then renamed Atlante II and its operations were limited to the underwriting of impaired loans. In 2017, it became the Italian Recovery Fund. While the name may be misleading, the instrument has nothing to do with post-pandemic EU interventions. In 2018, it was also able to intervene in the purchase of the non-performing loans of MPS.
 
8
These are the names used to rename the old intermediaries.
 
9
Unione di Banche Italiane (Ubi) was purchased by the Intesa Sanpaolo group in August 2020.
 
10
de Sury and Rovera (2020).
 
11
Sweden proceeded in a similar way to Italy, but—when distressed assets were later sold—the government was able to recoup more money than it used to buy the banks.
 
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Metadata
Title
The Rescue of Banks in Crisis
Author
Cristina Rovera
Copyright Year
2022
Book
Ethics in Banking

Print ISBN: 978-3-031-22147-7

Electronic ISBN: 978-3-031-22148-4

Copyright Year: 2022

DOI
https://doi.org/10.1007/978-3-031-22148-4_7

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