Banking crisis, state interventions for over a billion and a half
The support to the banking system, including direct and indirect interventions, cost the State the beauty of about 1 billion and 577 million. Impressive figure, especially when compared to a small reality like San Marino. This is the explosive fact that emerges from the 375 pages of the final report of the Commission of inquiry, almost a year after the end of the first phase on the CIS: 120 calls, 600 hours of work, many thousands of pages provided by the court, the Central Bank, the Secretariat. The investigation starts from 2006 – the year of the first crisis, that of del Titano – and continues: Bank analyzing the other failures, Commercial Bank, Euro Commercial Bank, Asset.
Get under the lens too Carisp which, unlike the other institutes, has not undergone austerity measures and is still in business. However, there is a lot of talk about Cassa, due to the strong role in terms of public aid, considering – as explained in the introduction by the President of the Commission Gerardo Giovagnoli – the impact that the crises have had on the community. This is an aspect on which the Commissioners’ analysis has focused. And it is precisely the oldest San Marino bank that weighs the most in financial terms: to make good the losses or recapitalize it, the State intervened for an amount of 858 million. To which are added 640 million dilapidated, assets that Carisp had set aside in about 120 years. “Over the past twelve years it has suffered losses of one billion and 400 million but – we read – no director or manager has ever been called to answer for his actions, some objectively reckless “. The report is detailed and shared by all Commissioners, but political conclusions are lacking. “A synthesis – says Giovagnoli – was difficult to achieve”.
Instead, we find partial conclusions in the 12 chapters. There was mostly talk of the disasters caused by crises, with the State intervening to save banks and savings of account holders, “however, there is also a part – Giovagnoli announces – which acknowledges the change, produced in recent years, to be able to obtain the institutional and regulatory delay with system remediation “. Despite such significant cracks compared to GDP and numbers – the President remarked miraculously.” tomorrow discussion it will be opened – as foreseen by the board regulation – after three days from the presentation, therefore in the session of Monday 13.
Read the full text of the Commission of Inquiry