The chairman of the Euro Group, the Dutch Finance Minister Jeroen Dijsselbloem has, unusually clearly rejected demands from financial institutions to but repeated state aid to rescue banks. “We have to put an end to this that bankers push their problems to the state. The ease call the bankers after tax money, is very problematic, “Dijsselbloem said before the meeting of the Euro Group on Monday in Brussels.
Even in Germany is growing resistance to new state aid for banks. “I reject it vehemently, EU banks now again – about eight years after the financial crisis – to support with public money or to save even,” said the deputy chairman of the CDU parliamentary group, Michael Fuchs, this newspaper. The EU Commission can not let it pass by the Italian Government. Banks stood in the EU in competition. You would possibly difficult times and bad debts without help withstand the taxpayer. So the owners of the banks could nachschießen equity. “Who can not or will, in an emergency, when there is no other way, from the market,” said Fuchs. Bavaria Finance Minister Markus Söder (CSU) said the “Bild” newspaper: “For ailing banks adhere owners and creditors, not taxpayers. This must also apply to Rome. “
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The chief economist of Deutsche Bank, David Folkerts -Landau, had called for an EU program to recapitalize banks in the amount of 150 billion euros at the weekend. Dijsselbloem responded that now managers are required who solved the current problems of financial institutions “in the banks’ rather demanded help from the state. Against the demands for state money he would always defend strictly Dijsselbloem said. “I’ll say it again: This applies to the taxpayer, and it increases the national debt in countries that are already too heavily in debt,” the Dutchman said, alluding to Italy
The specific difficulties of the Italian. banks wanted the minister not comment, since they are not officially on the agenda of the Euro-group meeting. Several department heads drew attention that the planned Italian state aid for domestic banks can not be judged by the ministers, but by the European Central Bank (ECB) as a bank supervisor and the European Commission as a supervisory authority for state aid in Brussels. Dijsselbloem said, these two institutions should talk calmly with each other. An “acute crisis” was in any case not be identified. Therefore, there is “time to sort things out”.
Italian banks are sitting on bad loans in the amount of estimated 360 billion euros. The speech is also the fact that the institutions have an immediate capital requirement of about 40 billion euros. Under EU rules recently introduced by the Italian Government must the institutions but not support with state aid, will be asked without first shareholder and bank investors to checkout. Dijsselbloem said the rules are clear and should be respected. Federal Finance Minister Wolfgang Schäuble (CDU) added that the new EU laws are clear: “. It can not be that the bankers reap the big profits and taxpayers should stand up for their losses” That there in Italy a large portfolio of bad loans admit, is not exactly new to the remainder. “It would not have hurt if these problems had been tackled before.” Schäuble also said any concrete statement about Italy forbid itself before the EU Banking Authority Eba had submitted the results of its bank stress tests in the second half of the month.
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