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.
May/090
After the housing bubble, the bubble of the loan?
Loop today indicates that the IMF (International Monetary Fund) has highlighted the growing pressure on consumer credit.
It is estimated that in Europe will be burned 7% of 1730 billion Euros in consumer credit, while the U.S. will go’ lost 14% of 1914 billion dollars total.
The matter was taken into consideration by the Financial Times that focuses particularly on the United Kingdom.
In this country the consumer credit has passed the unemployment problems of prediction going to banks will deliver the money.
Also in the country of “Tea” Unemployment is rising and not expected to decrease, as the delinquencies of these years.
Concern about this “credit bubble” seems to cover all of Europe, but especially England.
To hold our “beautiful country”, do not believe that consumer credit is a concern and pervasive as in other nations.
Naturally, however, is a procedure in which the authorities must keep your eye focused and make sure it never exceeds the values from which he cannot go back.
May/090
Slightly decreases the consumer credit in Italy
According to a recent study by Confcommercio-Censis on “climate of trust and expectations of Italian families”:
“The economic downturn – it says – has shed light on the problem of the rapid growth of Italian households and dissemination of insolvencies, although the rate of debt in Italy remains among the lowest in the industrialized Weights”
Consumer credit seems to backtrack and start to decline.
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.
Apr/090
Loan of Hope
According to the Press Release of the ABI, after a presentation that starts from Puglia and initiate an agreement between ABI-Cei, effective from 1 September 2009, which provides for a national programs microcredit for families in difficulty because of the economic crisis living in our country.
This agreement is to facilitate the disbursement of funds in favor of large families, or severe illness or disability, who have lost all forms of income and have a draft re-entering the working world, or by a clerk or by an a business, thanks for a fund established by the CEI itself.
Fund initially with about 30 million, and maintained by a leading national bank operating as cash.
The characteristics of eligible guarantee:
- not exceeding 6 thousand Euros, payable in monthly installments of 500 Euros per month for a period of 5 years, That funding may be extended for another 12 months yet, and for other 6 thousand Euros after being requested by the customer and evaluation of the Bank.
- the Annual Percentage Rate (APR) may not exceed 50% of the average rate of charge (Tegma), on personal loans as the law states n.108/1996
The funding request will transit through the Diocesan Caritas or any indicated by the local bishop, who will have the essential task of careful consideration of requests and the real possibility of meeting the requirements of objective and subjective, everything will be through compilation at the diocesan offices of a questionnaire and the draft back into work, and attach the necessary documentation required by banks.
Lists of the diocesan offices and banks participating will be available directly from 1 September 2009 on the official website of the ABI: www.abi.it