#ImuBankitalia for dummies
The Imu/Bankitalia legal decree that Boldrini got approved by depriving Parliament of its authority and violating all the procedures (but the money to be gifted to the banks - this 7.5 billion - is it coming from Vendola’s pockets?) has to be explained and then explained once more. Spread the word. It’s stealing from Italian citizens.
So let’s make a start.
Shares in the Bank of Italy are owned by credit institutions and Italian insurance companies, including Unicredit, San Paolo, Generali, BNL, Monte dei Paschi di Siena and INPS.
The Imu/Bankitalia legal decree sets out a revaluation of the Bank of Italy’s capital from 155,000 euro to 7.5 billion euro.
A capital increase resulting not by issuing new shares but by increasing the value of existing shares to 7.5 billion (+4,600%). Every shareholder’s dream.
In addition, the decree sets out that the shareholders cannot hold more than 3% of the shares. San Paolo and Unicredit, for example, hold 30% and 22% respectively and they both have to reduce this to 3% in the future. Don’t get agitated: 56% of the shares will have to be sold as those are held by six institutions holding more than 3%, namely: Intesa Sanpaolo, UniCredit, Assicurazioni Generali, Cassa di Risparmio in Bologna, INPS, Banca Carige. When the shares are sold, the shareholders will have an enormous gain and they will pocket 87.5% of that 56% (about 3.67 billion) and they will pay 12.5% in taxes to the State (about 525 million). But it doesn’t end there, as the State, at that moment when the sale is made, (the sale of an asset gifted to the banks!!) will be doubly disadvantaged. In fact there’s a clause that adds something else for the banks. When they sell the shares to get their holdings below the 3% limit, if they fail to sell to the market, their shares will be automatically bought by the State (obviously at the revalued price) with a cost of a further 3.5 billion euro.
And then do we want to forget about the generous annual dividends that the bank will get thanks to the revaluation of the Bankitalia shares? We cannot! The decree sets out that the value of the annual dividends can be up to 6% of the capital: thus in the future the money distributed will be up to 450 million euro a year, whereas at the moment the amount is tiny. Why didn’t the State buy back the shares in excess of 3% at their nominal value and then go ahead with the revaluation?
This decree would NOT have been approved if Laura Boldrini had followed the regulations of the Lower House. Because she violated the regulations thus preventing the Opposition from expressing their dissent as laid down and as it is her institutional duty to allow that expression, she has made it possible for this gift-decree to the banks to be approved, obviously at the expense of Italian citizens (including you who are reading this).
Thanks Boldrini!
PS. Renzi wants to recover a billion with the reform of the Senate. A billion that only exists in his head. However he hasn’t said anything against the gift of 7.5 billion euro to the banks. Who knows why not?
So let’s make a start.
Shares in the Bank of Italy are owned by credit institutions and Italian insurance companies, including Unicredit, San Paolo, Generali, BNL, Monte dei Paschi di Siena and INPS.
The Imu/Bankitalia legal decree sets out a revaluation of the Bank of Italy’s capital from 155,000 euro to 7.5 billion euro.
A capital increase resulting not by issuing new shares but by increasing the value of existing shares to 7.5 billion (+4,600%). Every shareholder’s dream.
In addition, the decree sets out that the shareholders cannot hold more than 3% of the shares. San Paolo and Unicredit, for example, hold 30% and 22% respectively and they both have to reduce this to 3% in the future. Don’t get agitated: 56% of the shares will have to be sold as those are held by six institutions holding more than 3%, namely: Intesa Sanpaolo, UniCredit, Assicurazioni Generali, Cassa di Risparmio in Bologna, INPS, Banca Carige. When the shares are sold, the shareholders will have an enormous gain and they will pocket 87.5% of that 56% (about 3.67 billion) and they will pay 12.5% in taxes to the State (about 525 million). But it doesn’t end there, as the State, at that moment when the sale is made, (the sale of an asset gifted to the banks!!) will be doubly disadvantaged. In fact there’s a clause that adds something else for the banks. When they sell the shares to get their holdings below the 3% limit, if they fail to sell to the market, their shares will be automatically bought by the State (obviously at the revalued price) with a cost of a further 3.5 billion euro.
And then do we want to forget about the generous annual dividends that the bank will get thanks to the revaluation of the Bankitalia shares? We cannot! The decree sets out that the value of the annual dividends can be up to 6% of the capital: thus in the future the money distributed will be up to 450 million euro a year, whereas at the moment the amount is tiny. Why didn’t the State buy back the shares in excess of 3% at their nominal value and then go ahead with the revaluation?
This decree would NOT have been approved if Laura Boldrini had followed the regulations of the Lower House. Because she violated the regulations thus preventing the Opposition from expressing their dissent as laid down and as it is her institutional duty to allow that expression, she has made it possible for this gift-decree to the banks to be approved, obviously at the expense of Italian citizens (including you who are reading this).
Thanks Boldrini!
PS. Renzi wants to recover a billion with the reform of the Senate. A billion that only exists in his head. However he hasn’t said anything against the gift of 7.5 billion euro to the banks. Who knows why not?
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