Suchergebnisse

This paper aims to investigate the compatibility of the objectives pursued by the European legislation establishing a framework for the recovery and resolution of credit institutions with the principle of protection of savings. The recent regulation provides for the sacrifice of the interests of creditors (and also depositors) of the failing credit institutions in order to cope with the difficult situation. Although, in our opinion, the disciplinary framework of reference prepares adequate tools to safeguard the reasons of the investors, the latter does not seem to consider the complex and variegated factual situations present in our country. The results of the first applications of the new regulation on the matter have confirmed, in fact, the difficulty of carrying out, in term of concreteness, an effective balancing act between the various objectives pursued by the latter and the need to prepare procedures to protect the position of savers. Hence the need to proceed with a review of the matter, so as to avoid the adoption of measures justified by contingent situations (and therefore not adeguately considered) and to prevent possible situations of differences in treatment among creditors belonging to different banks. ; Il presente lavoro si propone di indagare la compatibilità degli obiettivi perseguiti dalla normativa europea in materia di gestione delle crisi bancarie con il principio della tutela del risparmio. La recente disciplina infatti prevede il sacrificio degli interessi dei creditori (e anche dei depositanti) dell'ente creditizio per far fronte ad uno stato di dissesto nel quale esso potrebbe versare. Sebbene, a nostro avviso, l'impianto disciplinare di riferimento predisponga adeguati strumenti per salvaguardare le ragioni dei risparmiatori, quest'ultimo non sembra tenere in debito conto le complesse e variegate situazioni fattuali presenti nel nostro Paese. Gli esiti delle prime applicazioni della nuova regolazione in materia hanno confermato, infatti, la difficoltà di effettuare, sul piano delle concretezze, un'efficace opera di bilanciamento tra le diverse finalità perseguite da quest'ultima e l'esigenza di predisporre procedure idonee a tutelare la posizione dei risparmiatori. Da qui la necessità di procedere ad una revisione della materia, sì da evitare l'adozione di misure dettate da situazioni contingenti (e dunque poco ponderate) e da impedire possibili situazioni di difformità di trattamento tra creditori appartenenti ad istituti bancari diversi.

The aim of this paper was to analyze the regulation of microcredit in Brazil and in Italy, contextualizing the activity of microcredit within the Italian legal systemconstitutional order, and identifying the reasons for its poor diffusion. We believe that Italy, similarly to what has taken place in Brazil where gov-ernments, over the years, have strongly promoted policies to favor the development of microcredit in the country, should invest more in this field. It appears, moreover, appropriate to identify, in law, less strict criteria for access to this sector, as well as more flexible conditions in the areas of auxiliary services, interest rates and capitali-zation of the microcredit entities. SUMMARY: 1. Introduction. – 2. Microcredit in Brazil - in perspective. – 2.1. History and Legislative Discipline. – 2.2. The typology of microcredit in Brazil. – 2.3. The results of microcredit in Brazil. – 3. The regulation of microcredit in Italy. – 4. The various types of microcredit in Italy. – 5. The constitu-tional framework of microcredit in Italian regulation. – 6. The reasons for the poor diffusion of mi-crocredit in Italy. – 7. Conclusions.