Dr. Profumo has an important role at international level within the banking sector and has recently sent a clear message to the various European Central Bank governors inviting them to a different attitude towards the new version of Basel, Basel-defined 3.
clarify briefly the road traveled to get to the third version of that agreement.
The Basel Accord was created to provide all the banks of a common regulation on the management of its assets should be managed and how the "reserve" set aside to address the credit risk. Much easier, because the bank must always be able to repay the money received from the public, namely to be always fully solvent, it must set aside the sums unavailable in direct proportion to the risk which employs money, in other words, if the bank imprest money to those whose financial situation is optimal, it should set aside a few funds, but if the lending is made to an entity that accounts not in order, the provision should be because it is higher than the risk of the bank not to see the money lent. This' has a logical sense, the greater the risk, the greater the provision, although the bank to keep the budget in balance, that is, not make them lose money savers. Basel arises therefore to guarantee the social function of the bank, as a manager in public savings.
This feature, however, was the result of creating a credit crunch for companies by, historically and structurally our SMEs have never had great asset to pledge envelopes and then found themselves with exposures down at any moment, denied loans and subordinated loans indefinitely, to complicate matters, the financial crisis (created by the banks themselves and not by the companies), which becomes productive crisis, you get a situation well known, is throwing the dirty water that the child credit crunch for everyone and every man for himself '.
But, and here we return to the top, Basel should not serve to protect the assets of the banks? And this heritage, it was not dissolved like snow in the sun with the crisis, almost enough to force all governments to save with public money banks in trouble? Perhaps the problem was not set aside money for loans at risk, but rather regulate the financial investment and speculation that caused the crisis? It makes sense crush the companies with the rating and then be able to create with the financial engineering tools that clone and multiply the money on the card, leaving the empty boxes?
Dr. Profumo, try to make it clear that an SME would not have created the CDO or other gadgets, but merely changed a machine, Mr. Profumo, clearly states in Europe that our businesses can not run out of cash in these times when the crisis persists, then it is better to regulate speculative purposes and not commercial use the banking sector, Mr. Profumo, she is the head of an international banking empire and can 'see anywhere that SMEs are the economic engine of society, and therefore may' bring the voice of millions of small lots vat speculating that do not work, but producing work. and finally, Mr. Profumo, Unicredit we can rest assured that there is no one who is working on new newfangled CDO or similar?
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