Ottima segnalazione!
Come già segnalato, la parte che ci interessa mi sembra questa:
"The banks should be able to remunerate capital, also in the form of dividends and coupons on outstanding subordinated debt, out of profits generated by their activities. However, banks should not use State aid to remunerate own funds (equity and subordinated debt) when those activities do not generate sufficient profits. Therefore, in a restructuring context, the discretionary offset of losses (for example by releasing reserves or reducing equity) by beneficiary banks in order to guarantee the payment of dividends and coupons on outstanding subordinated debt, is in principle not compatible with the objective of burden sharing (33). This may need to be balanced with ensuring the refinancing capability of the bank and the exit incentives (34). In the interests of promoting refinancing by the beneficiary bank, the Commission may favourably regard the payment of coupons on newly issued hybrid capital instruments with greater seniority over existing subordinated debt. In any case, banks' should not normally be allowed to purchase their own shares during the restructuring phase."
E poi in nota viene anche detto:
"Nota 33: See Commission Decision of 18 December 2008 in case N 615/2008
Bayern LB, not yet published. However, this does not prevent the bank from making coupon payments when it is under a binding legal obligation to do so.
Nota 34: See Impaired Asset Communication, point 31, and the nuanced approach to dividend restrictions in the Recapitalisation Communication, points 33, 34 and 45, reflecting that although temporary dividend or coupon bans may retain capital within the bank and increase the capital cushion and hence improve the solvency of the bank, they may equally impede the bank's access to private finance sources, or at least increase the cost of new future financing."
Sperem....
ma vedo che ora faz.net non la fa più fare (molti servizi sono per utenti registrati).
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