San Marino. “A deafening silence on liability actions on the Cis. Free with savers”
“Libera cannot remain silent after former Banca Cis account holders turned to the European Court of Human Rights in Strasbourg for the violation of Article 1 of the ECHR convention.
We recall that the discontent arises from the government’s decision not to follow the resolution plan approved as a result of law 102 of 2019″.
This was reported in a press release by the Libera group. “In fact, precisely with the bank resolution lawstrongly supported by Libera, and through synergistic work with the entire banking system, all account holders had been safeguarded, directors and shareholders had to be paid with lots of cuts on current accounts to reduce the chasm of the Cis by 60 million, and bonds guaranteed for those who had more than 100,000 euros which, however, the Government, for reasons of public finance, has not reimbursed.
In fact, the resources in government bonds with ten-year maturities have been blocked, which at the moment cannot be used.
We also consider that the 1% rate envisaged for these securities, with the trend of interest rates for the period, the identification and the situation of the markets, makes them unusable or subject to significant devaluations.
Now many of our fellow citizens find themselves in the situation of having taken out mortgages, investments for themselves and for their family members, but with the money blocked and with government bonds that are, in fact, “waste paper”, given that in San Marino a “secondary” market for the valuation of such securities by our banks has not developed.
All of this is unacceptable also in the light of the foreign debt contracted by the Government and which was all spent on current expenditure, on useless consultancy, on contributions to friends of friends and to support the Savings Bank.
Libera asks and continue to press the Government to continue the liability actions for the managers who created the instability, continuing to recover resources as done in 2019. How come the Executive no longer hears about these issues?
We also believe that banks should be immediately involved at a systemic level precisely to seek practical solutions for account holders.
The entire financial sector must be interested in reconciling the reasons for holding public finances with the normal and practical needs of life of ordinary citizens, who have seen themselves deprived, a few weeks after the promised and coveted repayment, of their life savings.
What is the Finance Secretariat waiting for to act?