Bns depositors holding sums up to 100 thousand euros have already been fully paid, from July 22nd the operation was triggered conversion into public debt securities with a ten-year deadline for the first tranche of bonds (for an amount of 53 million 770 thousand) of those who had deposits in the CIS bank exceeding this figure. A form of protection envisaged by the Government with the declared objective of development in perspective a internal secondary market.
“The SNB depositors who had deposits of up to 100 thousand euros were fully liquidated in cash, – reminds the Secretary of State for Finance, Marco Gatti – this is what happened prior to the July 22 operation. On July 22, however, the first tranche of bonds issued by Bns for those who had deposits exceeding 100 thousand euros expired. The law stipulated that the administrator would have to make an allotment plan – that is divide the assetsthen the liquidity present and the tax credits that Bns has in its assets – but since the liquidity present was really marginal since most of the credits, it must be accepted, are all in delighted, then the tax credits remained alone. The Government has therefore, – since for the majority of individuals that distribution of tax credits is considered to have created a problem as it could be usable since they cannot be given as a guarantee – to intervene through the issuance of public debt – ‘the last intervention of the Status as required by law – replacing bonds. Stocks that have an advantage over Bns stocks because they are more marketable, have a higher interest rate (1% for 10 years) and can be pledged as collateral, sold or used as payment instruments. Sure the expectation of Bns bond holders was different, but I believe this is it the best possible solution “.
Skip trade unions and oppositions who look at the discontent of savers and at the same time blame the operation for raising the public debt already at alarming levels. “But when the choice was made in 2019 to give the State guarantee to the Bns bonds, – specifies Gatti – all it was already counted in public debt “.
On the lack of confrontation and the accusation of self-referentiality by the Government, the Head of Finance returns, if anything, to urge everyone to do their part: “If they have alternative solutions to those of a government bond, they can present them, – sends to say Marco Gatti – we are here to listen. Unfortunately, when there are various meetings, I never hear solutions, always feels only to represent the problem and expect solutions from others and then criticize without flat on putting counter-proposals. So in case there have been we welcome them gladly, the government bond can always be recalled. If the political opposition forces and the trade unions have concrete and feasible proposals, we welcome them and we will therefore withdraw the state title. They are waiting for them“.