Gerne möchte man dottore als notorischen Schwarzseher abtun, wenn...

verfasst von Erwin, 16.12.2000, 15:24

er behauptet, BIG KAHUNA sei nahe.

Wer folgenden Artikel liest, der jetzt bereits mögliche Bankenpleiten
im EU-Land ITALIEN ankündigt, der dürfte in seinem Urteil über unseren
guten d. schon etwas wankelmütig werden. Zu Recht.

Schönes Wochenende. / Erwin

P.S. Hat hier jemand auch das Buch von P. Waburton"Die Schuldenmaschine" gelesen? - Wenn nicht, kann ich sehr empfehlen.

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Italian banks face ruin over backdated rule
Court ruling to pay back $42b could wipe out banks' profits in last three years, warns central bank governor

ROME - Some Italian banks may collapse if the nation's lenders are forced by a recent court ruling to pay back 53 trillion lire (S$42.4 billion) in interest charged at 'usurious' rates, the Bank of Italy said on Thursday.

Mr Antonio Fazio, the central bank's governor, said the repayment would wipe out earnings of Italian banks in the last three years.

Lenders would be forced to cut deposit rates and raise current mortgage rates to make up for lower revenue, he added.

His comments came in a letter to Treasury Minister Vincenzo Visco which was faxed by the Treasury to news organisations.

Italy's highest appeals court said last month that a 1996 law that prohibited exorbitant mortgage rates - defined as 50 per cent more than a benchmark set by the Bank of Italy - also applied to loans made before 1996.

Consumer groups say borrowers should claim back interest charges on such loans.

'In the worst-case scenario, the reduction in mortgage interest rates would absorb all profits' between 1997 and last year, Mr Fazio said.

'Given that the costs aren't uniformly spread, the reduction would be unsustainable for some banks.'

He said it was also possible in Italian law that banks have to repay only the interest charged at higher than the usurious rate. The repayment of the illegal portion charged would total 15 trillion lire.

Italy's lenders chalked up earnings of 1.15 trillion lire in 1997, 13 trillion lire the following year and 17.6 trillion lire last year, Mr Fazio said.

Banks charged rates as high as 18 per cent in the early 1990s, before interest rates fell as Italy sought to qualify for the European single currency.

Now, with the benchmark rate at 6.6 per cent, any mortgage rate higher than 9.9 per cent is excessive and unlawful, no matter when the loan was given.

The government, banks and consumer groups are still debating the implication of the ruling by the Corte di Cassazione.

Italy's banking association has appealed to the European Commission to block the decision, saying it would 'isolate' the Italian market.

The government has said it may be powerless to intervene.

Meanwhile, the 'judicial and technical uncertainties...tend to speed the withdrawal of capital and reduce the presence and functioning of foreign banks in Italy, thus reducing competition', Mr Fazio said in his letter.

The nation's banks have about 135 trillion lire in outstanding mortgages, according to the central bank. --Bloomberg News

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gesamter Thread:

• Gerne möchte man dottore als notorischen Schwarzseher abtun, wenn... - Erwin, 16.12.2000, 15:24
  • Re: Die Banken erwischt BIG KAHUNA als Erste - dottore, 16.12.2000, 20:11
    • Re: @dottore:"Die Schuldenmaschine" siehe Posting 27478 oder....... - FRANZ, 17.12.2000, 15:20
      • W. weist eindringlich auf das S.-Problem hin - für dottore nichts Neues dabei (owT) - Erwin, 17.12.2000, 16:19