CARIM was commissioner?? Panic in San Marino of tax haven banks are now without money and increasingly fragile
While the papers deal with the exotic Saint Lucia and its off-shore companies used by the brother in law Gianfranco Fini, the tax haven that we have here in Italy sinks. And is now in a precarious balance so as to defy the laws of finance.
Bank of Italy attack
The latest sign of trouble is the commissioner by the Bank of Italy of Harim, the Savings Bank of Rimini, bank (Italian) Monday evening was beheaded by the banking supervision. Now I drive the commissioners appointed by the governor Mario Draghi. The main reason is that Carim controls one hundred percent Credito Industriale Sammarinese, a small bank that is opaque even by the standards of tax haven. Inspectors have found themselves in front of the Bank of Italy an Italian bank that claimed to be unable to obtain information from its subsidiary, San Marino, although even in their budget Carim are mentioned (on page 279) the "rules issued by the Bank of Italy on relations between the Italian banking system and counterparties San Marino and the demands of the Central Bank of San Marino.
But the inspectors have realized that we could not trace the names of the holders of current accounts and that there were breaches in the anti-money laundering legislation (ie it was impossible to reconstruct the origin of the money flows). Guilt, according to the Harim of procedural obstacles. So now the bank Romagna is under the direct control of the Bank of Italy. For investors, there should be consequences, Via Nazionale ensure that the bank is solid, although the last six months has seen an unexpected loss of EUR 30.8 million and an alarming increase in write-downs of loans (from 9.8 million in June 2009 to 46 presently). But for San Marino are the consequences, and how. "There is a need clear the table. To revise the banking system, "said Pasquale Valentini yesterday, Minister of Finance of tax haven, in a press conference.
panic after the tax shield
Marino banking system, in fact, is collapsing. Although, for now, does not collapse but is paralyzed. In the last newsletter available on the website of the Central Bank of San Marino, reported in June 2010, we find that in a year the collection of local banks fell by 35 percent. Evaders do not trust most of the Republic of San Marino and, in addition to not bring more cross-border funds diverted from the tax authorities, have emptied the coffers San Marino taking advantage of the tax shield that determined the output of at least five or six billion euro. Titan of banks now operate in an impossible situation in the normal country with the uses of 99 percent of bank deposits. That is not leveraged, for every euro collected there is one provided. But liquidity has evaporated, a problem not just for banks - the opaque nature - can not access funding from the international banking system. The Director General of the Bank of San Marino, Vincent Tagliaferro, has gone to admit in an interview that "a new problem may arise, that of liquidity." Words that in another context would have triggered the stroke the doors, the panic among investors terrified of seeing their savings vanish along with distressed banks. But no. Because, says an expert in finance in San Marino, "now there are only funds that can not be withdrawn without serious consequences, the score more virtuous, small evaders have already run away with the tax shelter." Italian banks have realized that the golden moment is gone forever and perhaps even escape them. Unicredit is selling its subsidiary San Marino Banca Agricola Commerciale, Intesa Sanpaolo plans to cut prices make out what was left of the Delta (but strictly in Italy) Commissioner, now must decide whether to get rid Carim the Industrial Credit and adapt its management to requests for Bank of Italy, making it a bank like any other. The hard-line
Italy
Much of the crisis depends on the Titan line is firmly held by the Bank of Italy is by Economy Minister Giulio Tremonti. Deep knowledge of tax haven (in the distant past worked for the Central Bank of San Marino) and looking for money to save the Italian budget, Tremonti has started a war with the Titan who continues to this day. And when the nervousness of San Marino has resulted in government pressure to change the leaders of the Central Bank of San Marino who cooperated a bit 'too much with Italy, Bank of Italy has also lost hope that the Titan could change. And the clash has raised the level.
from the daily act of October 6, 2010
PS: I do not think that only banks in San Marino have no money ...