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
Jul/090
Bank of Italy - Public Debt record
Here yet another new record. It reached a new record that Italian public debt in May reaches 1.7522 trillion Euros. Is what emerges from public funding to supplement the Statistical Bulletin of the Bank of Italy. Since the beginning of the debt has grown by 89.6 billion Euros, 5.4%.
Bank of Italy also indicates that fall of 3.2% income tax in the first five months of the year so that, between January and May, the Treasury receipts fell by 4.5 billion Euros. According to the tables in the first five months of the year, measured net of Special Funds for the collection (i.e. the revenue already booked but no breakdown between taxes and contributions) to fund the tax revenues totaled 134.8 billion, up from 139.3 billion the same period last year.
Jul/090
Interchange Fee, illegal agreements?
The interchange fees are those costs that the bank of the buyer (customer) pays the issuing bank of POS (the merchant) for performing the transaction.
This cost represents between 70% and 90% of the costs to be incurred for the exchange of money between the parties, supported by a trader.
Now the authority is investigating possible antitrust agreements between banks and MasterCard banks MPS, BNL, Banca Sella, Barclays Bank, Deutsche Bank, Intesa Sanpaolo, ICBPI (Italian Central Institute of Popular Banks) and Unicredit.
One possible arrangement could include a higher interchange fee so that the issuing banks more and are encouraged to provide more MasterCard credit cards to collect more money.
A vicious circle that could be the basis of vertical and horizontal agreements. The first attempt to match the costs and not allow the competitive market, while the latter are designed on the appointment of the Italian Commission on the circuit Mastercard.
We will see what decision will be taken.
Jul/090
Soon new funding agreements on anti-wear
In Rome you opened a discussion table to make more profitable fund prevention wear expected in 1996.
Among the participants in this initiative: ABI, business associations and category Confidi, National wear, Foundations and Associations wear.
The key points of negotiation will be:
- Build on shared guidelines for these rules and promote any proposals for legislative changes;
- Intervene on situations of fragility in the territories;
- Monitoring the case studies, highlighting the most problematic events;
- Seeking shared solutions and apply them, including through the cooperation of the Prefecture;
- Promote “ribancarizzazione” protested the subjects under the framework agreement (offer of Basic banking services);
- Compare the information received by the banks or Confidi, consultation and Foundations and Associations wear, putting a common factor for a smooth and problem management devoid of conflict, including the possible elaboration of a model agreement between banks and fund managers subject of prevention;
- Activate the information campaigns on how the funds with the cooperation of all stakeholders concerned;
- Promote appropriate initiatives to raise awareness throughout the country the opportunity to use of funds;
- At least six months to share with quantitative and qualitative information on the progress funds;
- Promote a day nationally and annual basis aimed at awareness on the issue of enforcement and prevention of wear, under the patronage of the highest
State authorities and the ABI.
Along with legislative and executive bodies working to combat a phenomenon that the crisis usually tends to increase and so as to allow those inside to come out this problem and who still has not fallen into this trap not for external obligations.
Source ABI Press