Bei, Patuelli: “It was a mistake to give the presidency to Vestager”
“I’m amazed” that “may there be a candidacy of the Honorable Vestager, Commissioner for Competition of the European Union for 9 years, for the presidency of the European Investment Bank“. The president of the ABI, Antonio Patuelli, said this in an interview with Corriere della Sera. An error, explains Patuelli, “because in these nine long years, the Honorable Vestager has assumed responsibility for an ‘error of law’ , as was ruled by the double compliant decision, first of the European Court of Luxembourg and then by the EU Court of Justice”.
“The EU Commissioner and, previously and specifically, her offices had unexpectedly established that the Fitd was not private and could not intervene to prevent banking crises. This determined in 2015 the stop to the interventions already decided by the Fund, and which had already been approved by the CariFerrara assembly chaired by the extraordinary commissioner appointed by Bankitalia”, states Patuelli. “Vestager’s position – he adds – prevented preventive and it caused an extension of the time needed to deal with those crises, with much higher costs for everyone, for savers, investors, shareholders, competing banks who had to shoulder the burdens of subsequent bailouts, aggravated by the generalized depreciation of the values of impaired loans from 2015 onwards “.
However, the Fitd, Bankitalia and the Italian State challenged that decision. “Yes and they obtained – continues Patuelli – the double compliant sentence on the Tercas rescue which therefore recognized the preventive interventions of the Interbank Fund for the four banks as legitimate and changed the reference framework, allowing new preventive bailouts as for Carige and Popolare di Bari before it entered the orbit of the State”.
“Now, after savers and investors are still owed money for the damages they have suffered, Vestager would aspire to and is running for the presidency of such an important European bank without having paid anything and without any burden for the errors of law caused by her. I’m amazed. We cannot erase the memory”, Patuelli also underlines.
Vestager attributed the responsibility to Bank of Italy. “And he was wrong. And in fact there were appeals. The decision on the Fitd came from Vestager and his offices. If anything, it was not adequately hindered by other commissioners of the time. And it interfered in a broader framework because in Italy there was a significant decline of trust towards the European Union, resumed only with the courageous decisions of President Ursula von der Leyen during the pandemic”, concludes the president of ABI.
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