Giuseppe Guzzetti, president of Acri, the Association of Foundations and Savings Banks which in the recent past allocated a good 536 million for the Atlante Fund, would have made a different decision in hindsight.
The number one of the Roman institution, on the sidelines of an event held in Rome, decided to remove a few pebbles from his shoe and does not mince words in communicating his assessments: "In retrospect, I wish I hadn't attended."
The reason for this statement is easy to say: "It was necessary to give a bundle of billions to Atlante to create the securitization market and break the oligopoly of the five big American banks that buy bad debts at 13-17 cents". And instead: "There are two foreign banks in Italy, Credit Agricole and Bnp Paribas, who have not done their part”.
The lists of subscribers included names who, when it came to putting their hands on their wallets, preferred to take a step back. On the other hand, Guzzetti expresses a different opinion on insurance: “Allianz was the one who behaved well, with seriousness”.
Making a brief summary, the Atlante fund had an endowment of approximately 4 billion. The country's two main banks, Intesa Sanpaolo and Unicredit each contributed 850 million euros, while the foundations invested 500 million euros. Minor resources then arrived from other banks and insurance companies.
The fund intervened in the bailouts of Popolare Vicenza and Veneto Banca. In reference to the latter, the number one of Acri expresses his perplexities: "I worry about the Veneto, Penati has put in 2 billion, I don't know if that's enough".
Guzzetti nonetheless reiterated the positive outcome of the operation. “We invent good tools but we leave them to their fate. If you don't give Atlas money, what does Atlas do? Atlas has played a fundamental role” especially in reference to the rescue of two important institutions such as Veneto Banca and Popolare di Vicenza. However, the main role of the fund should have been different, namely: to create the market for bad debts.
During the meetings at the Ministry of the Economy, Guzzetti reports, "the objectives and priorities" had in fact been outlined very clearly. As regards Credit Agricole and Bnp Paribas, the president of Acri recalls that "they have banks in Italy that I believe are making profits and they also have non-performing loans". Yet they have decided not to show solidarity with the rest of the sector "I stand by the facts: the money that was supposed to arrive in the lists we had compiled has not arrived". There are other subjects in the dock that Guzzetti does not mention but which he identifies with those "who took the bonds in Siena". He asks them: "Who in Siena took bonds because they don't put money in Atlante 2?". The reference is to institutional investors who have bought subordinated bonds of MPS and other foreign operators active on the primary market of Italian government bonds.
We also recall that Atlante 2 was also set up last August, which will participate in the plan to dispose of Monte dei Paschi's non-performing loans, with funding of 1,715 billion and a target of 3-3,5 billion by July 2017.
