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In the aftermath of the Covid-19 pandemic, European banks will likely face an increase in non-performing loans. Due to the high costs involved, the management of non-performing loans is complicated, if not completely impractical. Therefore, public intervention is necessary to avoid further damage to the real economy and instability in the financial system. Nonetheless, national solutions are hampered by the EU regime related to banks’ crisis management. Several proposals aim at rethinking this regime by introducing greater flexibility. These, however, involve numerous political obstacles. A “way out” to overcome this impasse could be the establishment of an EU bad bank.

La crisis internacional provocada en 2007, resultado de la globalización financiera, el descontrol y engaños a los mercados, provocó que las economías menos estables cayeran en una importante depresión. Por ello, la confianza en los mercados se redujo al mínimo, los créditos cesaron y las personas bajaron las tasas de consumo. Definitivamente, la crisis más profunda de la historia, con grandes repercusiones en todos los sectores. Por ello, se tomaron medidas, entre las que destaca, lo que nos atañe, la creación de la Sociedad de Gestión de Activos Procedentes de la Reestructuración Bancaria (SAREB), también denominado Banco Malo (Bad Bank), ya que se encargó de adquirir todo los Activos financieros tóxicos y los Activos Inmobiliarios procedentes de las hipotecas impagadas. Con un Plan de Desinversión a lo largo de 15 años, desde 2012 que nace hasta 2027 que se prevé la desinversión total, The Financial Crisis of 2007, provoke as result as financial globalization, free credits and uncontrollable stock-market, caused the less stable economies to fall into a major depression. Therefore, confidence in the markets was reduced to a mínimum, credits ceased and people lowered their consumption rates. Definitely, the deepest crisis, with great repercussions. Therefore, measures were taken, among wich, what concerns us, the creation of Sociedad de Gestión de Activos Procedentes de la Reestructuración Bancaria (SAREB), also known as Bad Bank, since it was in charge of acquiring all toxic financial assets and real state assets from unpaid mortgages. With a Disinvestment Plan of 15 years, since 2012 it is born until 2027 that total desinvestment is expected

L’Italia sta attraversando un momento di cambiamenti decisivi, dovute alle diverse riforme strutturali e alle diverse misure di politica economia europea. Cerchiamo di fare il punto a riguardo con Ivo Pezzuto, Docente di Business Economics ed International Management all' Università Cattolica del Sacro Cuore ed ISTUD Business School, partendo da quello che è il ritratto che l'Istat ci fornisce sulle prospettive economiche dell'Italia. (4 maggio 2015)

The crisis has had a very strong cost for citizens who do not understand their origins or solutions by low financial literacy. There are not reliable and comprehensive sources where they learn and if they want to learn more broadly, they have to go to specialized media using complicated technical jargon. The case of the so-called “bad bank” is an example of this situation, a sense that, a priori, has a negative meaning, when in fact it is a positive response to a problem in the banking sector. This paper addresses this solution that the citizen should know., La crisis ha tenido un coste muy fuerte para una ciudadanía que no comprende sus orígenes ni soluciones por su escasa cultura financiera. No encuentra fuentes fiables y comprensibles dónde aprender y para informarse tiene que acudir a medios especializados que utilizan una jerga técnica complicada. El caso del denominado “banco malo” es un ejemplo; una acepción que, a priori, tiene un sentido negativo, cuando en realidad es una solución. El presente trabajo pretende hacer un acercamiento general a los “bancos malos” susceptibles de ser conocidos por la ciudadanía en tiempos de crisis.

The crisis has had a very strong cost for citizens who do not understand their origins or solutions by low financial literacy. There are not reliable and comprehensive sources where they learn and if they want to learn more broadly, they have to go to specialized media using complicated technical jargon. The case of the so-called “bad bank” is an example of this situation, a sense that, a priori, has a negative meaning, when in fact it is a positive response to a problem in the banking sector. This paper addresses this solution that the citizen should know., La crisis ha tenido un coste muy fuerte para una ciudadanía que no comprende sus orígenes ni soluciones por su escasa cultura financiera. No encuentra fuentes fiables y comprensibles dónde aprender y para informarse tiene que acudir a medios especializados que utilizan una jerga técnica complicada. El caso del denominado “banco malo” es un ejemplo; una acepción que, a priori, tiene un sentido negativo, cuando en realidad es una solución. El presente trabajo pretende hacer un acercamiento general a los “bancos malos” susceptibles de ser conocidos por la ciudadanía en tiempos de crisis.

In 1989 a report has already highlighted the “below-average earnings potential” of the German Landesbanken and called for the merger of these state banks into a single central institution. However, 20 years later the bad bank law of Germany saved the ailing Landesbanken not only from write-downs of toxic assets, but also gives the state banks the option to escape possible consolidation efforts of the federal government by establishing a regional bad bank. Therefore, a reform of the German bad bank law is needed that puts the federal government into a position of being able to actively promote the consolidation of the regional Landesbanken. The reform should require from the Landesbanken to write down toxic securities to their market value and transfer them to a central bad bank run by the SoFFin, the German fund for restructuring ailing banks. The existing shareholders would then be charged with the losses from the bad investments. Thereafter, the remaining state banks could, under the pressure of the federal government be merged and recapitalized by the SoFFin, possibly in conjunction with the German savings banks. A similar procedure has allowed the Swedish banking system a rapid recovery from its crisis at the end of the 80s of the last century. The German government must at last give the restructuring of the public banking sector priority in its financial market policy., 1989 bereits wurde in einem Gutachten auf die "unterdurchschnittliche Ertragskraft" der Landesbanken verwiesen und der Zusammenschluss zu einem einzigen Spitzeninstitut gefordert. 20 Jahre später allerdings, inmitten der bislang schwersten Krise der Landesbanken, bewahrte das hiesige Bad-Bank-Gesetz die Landesbanken nicht nur weitgehend vor Wertberichtigungen, sondern eröffnet den Bundesländern auch noch den Ausweg, sich mit einer ländereigenen Bad Bank Konsolidierungsbemühungen des Bundes zu entziehen. Eine Reform des Bad-Bank-Gesetzes ist daher dringend notwendig. Die Bundesanstalt für Finanzmarktstabilisierung SoFFin muss in die Lage versetzt werden, die Konsolidierung der Landesbanken aktiv voranzutreiben. Die toxischen Papiere der Landesbanken sollten zwangsweise und mit starken Abschlägen in eine zentrale Bad Bank übernommen und die Altaktionäre mit den Verlusten aus den Fehlinvestitionen belastet werden können. Danach könnten die verbleibenden Restlandesbanken unter dem Druck des Bundes verschmolzen und anschließend durch den SoFFin, möglicherweise im Verbund mit den Sparkassen, rekapitalisiert werden. Eine analoge Verfahrensweise hat Ende der 80er Jahre dem schwedischen Bankensystem zu einer raschen Erholung verholfen und den Steuerzahler langfristig aus der Verlustzone geholt. Die Restrukturierung des öffentlichen Bankensektors muss endlich zu einer zentralen Aufgabe in der Finanzmarktpolitik der Bundesregierung gemacht werden.