On an international scale, many concerns arise in regards to the universal bank model. It’s no chance occurrence that in the US retail banks have been forbidden to manage risky trading activities. In the EU and in Italy, as well, such a decision has not been taken yet. In fact, restricting intermediation activity itself, and redesigning a new model of credit intermediation to overcome present incompatibilities, is seen as useless. Hence, it is inconceivable that the same bank could ask today for state aid in case of instability, and at the same time being able to maximize the productivity of the utilized factors (as a private firm). In order to unlock this standstill situation, splitting monetary liabilities management from non-monetary deposits management could be a possible solution. To do so, securitization of loans related to investments in the fixed assets of firms is recommended. This paper gives a quantitative answer about the effects that Italian banks and firms could benefit from the securitization of shares of loans portfolios that are still in the assets of banks.
A livello istituzionale internazionale, ed anche europeo, recenti dibattiti hanno messo in dubbio l’appropriatezza del modello di banca universale. In particolare, si ritiene insostenibile che la banca da una parte richieda l’intervento pubblico per tamponare situazioni di dissesto (aid state) e dall’altra non riesca, soprattutto nei paesi periferici dell’area Euro, a finanziare l’economia reale. Partendo da questo contesto finanziario - istituzionale, bisogna tener conto della peculiare struttura finanziaria delle imprese italiane rispetto a quella delle imprese europee, sintetizzabile in due specificità: eccesso di capitale di debito rispetto ai mezzi propri e dimensioni ridotte. L’ipotesi di lavoro avanzata adottata in questo elaborato, riguardante esclusivamente il contesto italiano, consiste nella dismissione di mutui ipotecari in bonis, attraverso processi di cartolarizzazione, funzionale a liberare capitale regolamentare per le banche che consente, poi, alle stesse di partecipare, in modo indiretto e attraverso il canale del risparmio gestito, al capitale di rischio delle imprese italiane.
La cartolarizzazione dei mutui bancari: una stima dei possibili effetti per le banche italiane
ALIANO, MAURO
2015
Abstract
On an international scale, many concerns arise in regards to the universal bank model. It’s no chance occurrence that in the US retail banks have been forbidden to manage risky trading activities. In the EU and in Italy, as well, such a decision has not been taken yet. In fact, restricting intermediation activity itself, and redesigning a new model of credit intermediation to overcome present incompatibilities, is seen as useless. Hence, it is inconceivable that the same bank could ask today for state aid in case of instability, and at the same time being able to maximize the productivity of the utilized factors (as a private firm). In order to unlock this standstill situation, splitting monetary liabilities management from non-monetary deposits management could be a possible solution. To do so, securitization of loans related to investments in the fixed assets of firms is recommended. This paper gives a quantitative answer about the effects that Italian banks and firms could benefit from the securitization of shares of loans portfolios that are still in the assets of banks.I documenti in SFERA sono protetti da copyright e tutti i diritti sono riservati, salvo diversa indicazione.
