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.

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

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.

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.

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

According to the source from the sun 24 hours, the prices are falling for the second consecutive semester. For homes declined in the first six months of the year by 2.5% (they had already reduced by 1% at the end of 2008), a decline that translates into a -3.5% on an annual basis whereas change in average prices in thirteen different areas ranging from -4.1% to -0.2% in Venice city of Cagliari. Even if the reduced value of property in Italy is lower than in the world market, it is remarkable when one considers the historical trend: it analyzes the housing segment, the decline in the last six months is as high as 25 semesters (that is from before 1997, when he ended the previous critical phase of the Italian market) and the third since 1994. This year, forecasts suggest that housing prices may be lower than the 6-8% over the previous year. In 2010, the end of which, according to the macroeconomic forecasts, GDP is expected to return to grow, prices could suffer further decline (-2-3%). Only in 2011 the housing market will again grow.

Last year, the Trading recorded a decline of 14.8% on an annual basis in the first quarter of 2009 in Italy the average reduction was 18.7% compared with the first three months of 2008. The difficulties in the placement of buildings of each type is found in the average selling time dilation (came to 6.1 months for homes to 7.6 months for offices and 6.8 for the stores) or any lease, but also in increasing the discount obtained during the negotiation. Among the developers, however, it can breathe a cautious optimism: they estimate the lowest point of the housing market, in terms of trading, there was everything else, and the operators reported a return to the acquisition, with the ability to pay lower prices and discounts than ever before. In 2009, therefore, the trading volume could settle at around 600 thousand households (there were 686mila in 2008), nearly 250 thousand homes in less than the value reached before the crisis in 2007 (with a trading volume in 2006 amounted to 845,000 households). In terms of revenue the property will generate in Italy with respect to the transactions, some 110 billion Euros, a decline of 30% compared to 2007 (154 billion), the year in which trading has reached its maximum value, to begin then to decline.

Source: IlSole24Ore

But the savings do not come from nothing, but by the sacrifices. And what economic output is preferred to eliminate?
In Italy for 74% of people interviewed has cut unnecessary costs such as travel and unnecessary consumption of gasoline. However, this remains untouchable clothes, sport and entertainment.

Sicurametne postponed the purchase of house and car, which involve disproportionate efforts in times like these.
The most curious thing is that 16% of Italians believe that the crisis has led to the strengthening of the couple, while 50% of single preferred times more fat, since the fall of appointment due to “off budget”.

In essence, the crisis has not spared anyone; everyone is accustomed to its way to the economic phenomenon of recent years. We Italians but we stand still and we confirm fashion.

Reasoning about the good I also asked if the savings become a luxury and at the expense of those who fall for this reduction.

Consumption is eroding more and more money that was paid to the first savings and children. The two things seem related, but how much impact one another?

The question I try to give an answer, but help me too.
I believe that children Stano slowly becoming the object of consumption rather than savings.
A simple example is the communions and confirmations that we are witnessing in recent years.

Up to 10/20 years ago among the most popular gifts was the envelope with money inside, which was usually used in an investment for the future of the child.

It is from this aspect can understand the attitude of the Italian population.
Now (perhaps driven by the absence the investment cost) are increasingly inclined gifts such as mobile phones, video games, brand clothes, sunglasses and consumables that does not remain in time.

And then I wonder if it is the crisis that led to the decrease in savings or is it just an attitude different from the population due to non-economic externalities?

The main street now seems the most correct. The crisis “mixed” a socio cultural phenomenon has brought us to this economic system increasingly based on consumption than on savings.

This year 15.5% of households made use of consumer credit, while in January 2009 was 17.8%. The percentages are not high, but collection periods are quite close together.

Also about 50% of households claim to use consumer credit only by necessity and not as a customary purchase.
For Memory remaining 50%. That the consumer credit purchases allow quick, low monthly figures, but the interest rates drive up the purchase price at the expense of the buyer.

When possible I always recommend waiting in buying the product and put away each month the amount necessary to pay interest to the finance company.

This information sheet, are dated and timely updated, contain all the information necessary to ensure the customer and are structured as follows:

• Information intermediary. Are given identification of the intermediary, including header and legal form, registered office and administration, internet address, ABI code, registration number of the overall list, or in the special of Himalia, Register number Enterprise and for foreign intermediary, any relevant supervisory authorities;
• Characteristics and risks of the transaction or service. It gives a brief description of the structure and function economical transaction or service, and ancillary services provided as well as risks of generic or specific related such as: risks of interest rate, exchange rate, indexing etc …
• Economic conditions of the service or transaction. Shall indicate the price or any other fees, charges or expenses (postage, appraisal, etc. ..), or any criminal record;
• Contractual terms governing the operation or service. ATTENTION draws the customer on terms not economic challenges such as those on a possible withdrawal, time required for completion of the transactions (e.g. loan agreement, say the payment timing of sums), tacit renewals, waivers of liability in favor of the intermediary, of course, following the standard schemes recommended by the Community institutions.

The banks that facilitate the transaction will be published in two ways: the media will release those who are committed to provide loans through the ban “Aid to investment programs of Micro and Small Enterprises and individuals can make use of the list” of virtuous ” through the Website of Economic Development www.sistema.puglia.it.

Deputy Mayor for Economic Development Loredana Capone says:
“Today, we reinforce a way of working inspired by transparency. Publishing the data and making them accessible to all, we expect to improve the competitive capacity of banks. The crisis leads us to a struggle in which the actors involved must play by all players. The Region has done its part by publishing notices to 11 Euros 508milioni 770mila in a few months, companies are planning investments on their part with great vivacity. Banks a great responsibility not to close the taps of the credit. So we felt the need to transfer to citizens and businesses to exactly know how they work in the institutions with regional funds. Sometimes the reputation of financial operators tends to overshadow the results. We would rather that those who work hardest to emerge because the competition is not in words. If a bank is missing or not very active in our directory, you understand that hardly agree to help finance an investment with regional contributions. Today the situation is one that we are talking, but the site is dynamic then update, hopefully with the involvement of children absent.

“Over the last 15 days – added Loredana Capone – I have spent much time listening to unions and professional associations in each sector. All the social state in small banks gives business’s greatest crisis of our economy. I made a commitment to do everything in my power to help to untie this knot. Transparency and competition are key intervention today. I gave the Councilor sent technicians to check what is possible to predict improvement of temporary schemes “.

Here’s how to reach the elend banks and their work:

Access to data from the portal
now possible to monitor in real time the Bank’s work (for the granting of loans) and trusted (for security), is open to all via the Website of Economic Development www.sistema.puglia.it.
The route is simple: you must first register on the site and then open the news in the foreground, notice the section on “Aid for investment programs of Micro and Small Enterprises” (which is also called the portal “aid scheme — Title II “). From there, the link “Item in progress” leads to two pages: “The work of Banks” and “The work of Confidi.” So you can see in real time the position of the practices of grant, respectively, of the loans and guarantees. On the left are listed banks or Confidi, the center the number of practices, right to total investments. The page is dynamic then allows a continuous updating of the situation. At the same news also accessed through the “Active Calls”.
How does the following notice:

The notice
the notice “Title II” handles about 400 million investment fielding 100 million of public funds. This is an interest subsidy, which the Region pays a sum that corresponds to the interests that the Company shall pay to the bank to obtain a mortgage. With the difference contribution comes to companies in a single advance. So not only are slaughtered interests, but the support in a single solution works as a grant in the capital account. Have access to the companies concerned to submit their applications directly to the bank instructing the practice and forwards it to the Region. If the bank grants the loan, the Region provides the company with interest. Applications for relief must relate to investment projects initial minimum amount equal to 30 thousand Euros for the creation of a new production unit, expansion or modernization of existing production unit, diversification of production, and a change in the production process. The notice is to stop, so it is open (from 23 April) until exhaustion of resources.

The initiative of the Puglia region is truly commendable. Not only ensures greater competition between banks, but allows all citizens to understand how we are doing the operations, secure the feed-back.

At the same time it facilitates the small and medium enterprises with the necessary funding to operate in a time of crisis.

I hope that the initiative will expand to all the Italian regions and ports soon its benefits.