everything postponed to September 24th

TARANTO – Maxi Boc loan, gray smoke. Last Tuesday, from what the Gazzetta understands, the hearing at the Court of Appeal in Lecce ended in nothing. Everything postponed to September 24th due to the ongoing change of judge who will have to pronounce the expected sentence. Which, at this point, probably won’t be issued again before the end of the year. Yet, this time, in circles close to the municipal administration of Taranto, the hypothesis was really circulating that the decision would be taken by 2024: now this unforeseen event makes it more difficult.

The first, naturally, to await the pronouncement is the mayor of Taranto, Rinaldo Melucci. The outcome, whatever it may be, will not leave him indifferent, since it will then be up to him to manage the consequences (whether positive or negative).

A flash of history: everything happens twenty years after the approval by the city council (mayor Rossana Di Bello, councilor for the budget, Michele Tucci) of a 250 million euro bond loan, signed with a credit institution that was then absorbed from Banca Intesa. At the time, the Municipality purchased these Municipal Ordinary Bonds (Boc) to achieve two objectives: to pay off a series of loans taken out in the past with Cassa Depositi e Prestiti (142 million euros) and to carry out some public works in the peripheral areas of the city (108 million). In 2019 it was the Supreme Court that sent everything back to the Court of Appeal for a definitive ruling on the complex matter. In particular, after having ascertained in the first two degrees both the nullity of the contract signed with the bank and that with the company that acted as consultant, the sentence will now definitively establish whether or not the Municipality of Taranto will have to return the money collected. And if, furthermore, interest will also need to be calculated (a more remote hypothesis).

In reality, the Municipality hopes not to have to return anything at all and this, moreover, would happen if the “immoral” nature of the contract were confirmed (thesis long supported by Mario Pazzaglia, president of the now dissolved Extraordinary Liquidation Body). It would be, needless to say, the best prospect for the municipal administration. Otherwise, however, the Municipality of Taranto risks returning an amount ranging between 197 and 230 million euros (considering the loan installments regularly paid between 2004 and 2006). And this would be the worst option. Which, to avoid a technical default or if you prefer a second collapse, would require the Municipality to reach an agreement with Banca Intesa which would inevitably have repercussions on the budgets of the next few years.

Now it is risky to put forward figures, but considering the repayment of approximately 200 million euros, a possible agreement with the credit institution could amount to at least 10 million euros for the next twenty years. So far, the hypotheses to be avoided. If, however, Palazzo di Città were to win across the board, the ruling would have considerable significance considering the financial resources in play and also taking into account the international profile of Banca Intesa.

It should however be highlighted that over the years starting from the Stefàno Administration (up to Melucci obviously), the Municipality has set aside a sum to partially deal with a possible negative sentence. Which now amounts to 50 million euros. A little treasure that certainly wouldn’t be enough (the auditors have repeatedly asked to increase it), but it would still be useful.

 
For Latest Updates Follow us on Google News
 

PREV A1 OFFICIAL – Geas Basket announces Laura Spreafico
NEXT Centro Candiani, redevelopment project ok – TG Plus NEWS Venice