With regard to the Carife dispute, savers who have invested in subordinated bonds are informed that at the beginning of July, Legislative Decree no. 59/2016 was converted, which regulates access to the solidarity fund with direct disbursement, the so-called "automatic compensation" for bondholders only.
The required conditions are:
- purchase of subordinated bonds by 06/12/2014
- investor's assets less than €100,000 as of 12/31/2015 or alternatively, total income for Irpef purposes, referring to the year 2014, less than €35,000
To access the fund, an application form must be filled out, accompanied by a series of documents, which if the saver does not have, will be requested directly from the bank by Adiconsum. The income or movable assets will instead be self-certified by the interested party, with an express declaration of awareness that anyone who makes false declarations is punished under the penal code.
The deadline to access the procedure is six months from the approval of the decree, therefore we have time until January 3, 2017.
The fund will verify the completeness of the documentation and will proceed with the liquidation within 60 days of the request. The reimbursement should be calculated on the residual capital, but we will have confirmation of this when the interpretative regulation is published. The reimbursement will be equal to 80%, net of any additional returns compared to those of BTPs of the same duration and of the costs and expenses of
subscription. The calculation will not be carried out by the association but by the fund and we will not be able to determine in advance the amount that will be due to the saver.
The submission of the application to the fund precludes the use of the arbitration procedure and vice versa. Unfortunately, the criteria for accessing arbitration have not yet been published and it is difficult today to give definitive advice to the saver on which procedure to follow.
Those who do not meet the requirements listed above to access the fund will only be able to experience the arbitration procedure.
Contact Adiconsum Ferrara for further information.
