Aug/090
Hard court Consob
“Without transparency there is no trust and no trust there is any stability.”
“The outlook remains today characterized by deep uncertainty. The weakest, both in business and among the investors, are exposed to greater risks. Only the larger firms can raise equity capital in the market place and bonds without serious difficulty or excessive costs to consider.
With a bitter taste in mouth speaks the chairman of Consob Cardia.
“The new global rules under discussion would have to apply to all active players in financial markets, helps to overcome the problems created by the development of” shadow banking system “and an uncontrolled growth of off-market transaction”
“Last June he explained Cardio-effects have been initiated inspection findings against five major groups, aimed at verifying the practical implementation of the principles of correct behavior.” The chairman of Consob said that brokers must demonstrate renewed ability to influence policies on commercial customers’ needs, to define neutral incentive mechanisms of staff in contact with the public and to enhance the counseling service as a strategic and highly professional.
The chairman of Consob does not seem very pleased with how the banking system is heading.
Behavioral level banks are not very accurate and should include new mechanisms to improve relationships not only with customers but also with staff.
Are then forming external markets (shadow systems), out of the market that may lead to improper rigging.
Cardia design a system just some nor transparent, which may lead to further crisis, as in years past.
It conducting operations in a manner obvious to the supervisory authorities, and enabling better management of finance and a lower risk of falling into the vortex of losses.
Cardia is right, but banks do not think the same way.
Aug/090
Bank of Italy blocked ZOPA
The system of social lending ZOPA has been blocked. The Italian company loans between operators permitted without the intermediary bank. The organization guaranteed the union between demand and supply of money by eliminating the gain on the interest of the bank, allowing more concessional rates, determined by those who borrow the money.
The reason for the block appears to be a ministerial decision, on recommendation of the Bank of Italy; Zopa has removed from the list of financial intermediaries because of stock Account Zopa lenders of money waiting to exit the loan.
Now with a communiqué on the blog administrator Sella said:
Dear Zopiani,
I always let the excellent cooperation they were my relations with our attentive and active community that has participated since the first day with passion and spirit of cooperation to the growth of Zopa.
But I must speak directly at a very critical and the Zopa social lending in Italy.We have indeed received the decree of the Ministry of Economy and Finance who, on the recommendation of the Bank of italy, has effected the cancellation of Zopa dawn of financial ex Article 106. The company is evaluating all steps, including judicial nature, to protect its position and the community.
We are therefore forced to suspend discussion of new loans and the entry of new suppliers, and we want to continue, in a rigorous and precise as ever, to administer the loans outstanding.
But here I want to clarify what was the path that Zopa has done before being allowed to operate.
Initial reports with the Bank of italy date back to the late spring of 2006 when we appointed lawyers have begun to introduce the draft of Zopa to the Bank of Italy, to arrive, after a meeting and exchanged several letters, all authorization received in September 2007 by the Italian Exchange with the Registration of Financial ex Article 106. Zopa has also started operating in January 2008.
A mission from the Bank of Italy in recent months, there have been moves of the disputes to which we replied – while maintaining the soundness of our legal setting initiative – offering solutions with institutional counterparties that have in fact made no the complaint which we had been moved. But this was evidently not enough.
Zopa is an innovative project to very high ethical content and solidarity. Just consider that in 2008 (year of crisis in the century of creative accounting and fraud by billionaire) Providers zopiani have received excellent returns and applicants rates very favorable. In this moment of crisis, many plead the need for micro-credit loans united in favor of the less privileged classes: Zopa that he was doing.
It should be emphasized that to date the shareholder members have funded the company with more than 5 million, with the aim of making a serious business and reliable for all parties involved. People who are part of the team have been carefully chosen and best represent the spirit that animated us from day one: professionalism, but also the enthusiasm typical of people conscious of participating in a project ethical and social – as evidenced by the stories zopiane collected in the blog – but also very convenient for those who make part of this innovative ‘community of credit’.
Zopa in have always been transparent, not for fashion or convenience but for DNA. We believe in an ambitious project and we have developed in our country. It will handle this stage, hopefully soon, with our usual style, trying to minimize the inconvenience to all members of the community.
Thank you in advance for all the support that we want to give.
Maurizio Sella
Managing Zopa Italy SpA
Here instead the services remain active and not:
Remain active the following services:
Providers
credited monthly installments of loans outstanding
control movement and balance Zopa Wallet
Monitoring of loans financed
withdraw funds
update your personal information.
Applicants
charge rates up to repaying the loans
early repayment of the loan
view details of loans outstanding
rate control has been repayment rate
update your personal information.
Become inactive the following services:
Providers
creation and editing offer (all offers have been disabled in progress)
Re-Auto Loans
additional funds
RientroRapido
Fund assistance Delays
Applicants
new loan request
Aug/090
Ethics and finance: the future?
These days you’ve heard a lot of talk about a topic that before the crisis did not play very well: Ethics and Finance. Yesterday Draghi said the encyclical the Holy Father on ethics and economics:
The Governor of the Bank of Italy, Mario Draghi, has written an article in the Observatory Romano, the Vatican newspaper, repeating the intervention of the Pope concerning their economy in the third encyclical: “to resume the path of development should be create the conditions for the general expectations, what Keynes called long-term return favor. You must restore the confidence of businesses, families, citizens, persons in the ability of stable growth of economies.”
After the financial crash of banks and financial institutions around the world probably has realized that, in addition to the normative rules in order to run the economy and we are all better, it takes a bit of ethics. Finally!
Written laws can always be circumvented, while the moral laws, although not legally valid, allow us to guarantee social welfare.
It is more important to be a nation rich or happy?
Demand in the past if the posts are several economists and eventually follow always the same: money brings happiness?
But as Toto said the money does not bring happiness, let alone the misery.
Here then is that finance has to understand that money is tied to the welfare of society and the individuals who compose it.
Money and morality go hand in hand.
The value of money is a means to improve the happiness of a nation and not just an interest.
Selfishness cannot bring anything but unbridled deep crisis and discontent common.
Now that we are starting to say the first words on this subject, how long will it take to introduce it effectively in the economic system?