A solidarity fund of 100 million was put in place by the Government to protect the savers. The beneficiaries are going to be the ini-investors trapped in the subordinated bonds of the Etruria Bank, Marche Banks, Carife and CariChieti. From Palazzo Chigi they communicate that CONSOB is not going to be chosen for the arbitrates, since it is at the center of a dispute regarding supervision. “It would be inconsistent for a ‘player’ of the story to elevate itself to the role of judge for the resolution of the dispute,” says the government. ABI president, Antonio Patuelli, defines the chosen method as “constructive” and “legal and prompt”. The “victims” of the ”Save-Banks” Decree declare that the proposal agreed upon with the European Union is “inadmissible and even disrespectful”. “We do not want – they say – charity, nor funds, nor arbitration concerning single cases. The Banks must assume their responsibilities for having sold financial products unsuitable for their customers, as it has been pointed out also by the EU”.
Arbitration should be subject to an investigation on violations perpetrated by those who have placed the bonds. But the right to damage repairing remains inalienable in cases when the responsibility of the institute of credit which has had the investors sign the financial products is proven. Besides, the new solidarity fund does not use public resources, but the money of the single warranty Fund for deposits, fed by the banks. “The Democratic Party is on the side of the banks,” says the vice president of the Chamber from Movement 5 Stars, Luigi Di Maio, who proposes to give the savers the actions of the Bad Bank. “The Government firmly sustains the savers – answers the Minister of the Interior, Angelino Alfano, because saving the banks means saving the savers”.