The lender must return 152 000 € invested in banks with depositors '98Le argentinoTango against the government-bond, the Deutsche Bank ordered to compensate customers
President Tfa Nicola Stock VENICE - The Executive Committee of the ABI has today expressed "full support and appreciation" to the action of the Task Force on ' Argentina led by Nicola Stock. But in the meantime, the Court of Venice has a ruling which could reverse the fortunes of investors: it has ordered Deutsche Bank to return to a couple of customers invested € 152,000 in 1998 in Argentine bonds.
If other judges would follow the path opened by the court in Venice Mara Caprioli, savers would have an alternative to acceptance of the halter Argentine government, which reimburses at a very long time by about 30 percent of the amount invested, or for any cause, perhaps in groups, Buenos Aires (or even the expectation of a more far-fetched proposal for a new reimbursement ).
The bank, in the case of the two spouses Venetians, he retired and her home, also was required by contract to provide investment advice. Therefore, despite the purchase of Argentine bonds for 295 million pounds had been a specific request from customers, received by telephone, the bank had to inform them of the reasons why it was inappropriate to proceed with the execution of the operation, reads the sentence.
"Authorised persons - Say the Venetian magistrates - must act with diligence, fairness and transparency in the interest of the customer and the integrity of the market, acquiring the necessary information from customers and work so that they are always well informed. "The court observes
In support of the reasons that should have led the investment bank to advise the customer, "the huge disparity between the capital of the issuer and the amount of the loan and the fact that the agencies had failed to provide the most qualified rating transaction. All the circumstances that are common to thousands of similar investments. The underwriters of Argentine bonds in Italy is about 450,000.
banks have so far expressed their interest reasons to support our customers, not to bear the financial burden. In approving the work of Stock, now the Executive Committee of ABI (Italian Banking Association) urged the banks to bear the expenses arising from any legal action incurred by the TFA, on behalf of clients, against Argentina. Stock
fact reminded today that creditors will not join the offer will take steps "to seize or confiscate the cash flows for the new titles," while those who do not join the offer "does not lose the rights deriving from existing titles."
The hypothesis of the TFA, the ABI is committed to supporting you today, is that savers (Free However any decision is made), completely rejected the offer, may force the Argentine government to make a better (hypothesis, however, that the Argentine Economy Secretary Guillermo Nielsen, in Italy for the road show has rejected the offer in net terms ).
Given the better economic situation, with foreign exchange reserves to 20 billion U.S. dollars, GDP growth of over 8 percent and tax revenues increased by over 30 percent, Argentina, repeated today to Stock 'ABI (I had already said in Parliament last week) "may improve its offer unilaterally but has no desire to do so."
(January 19, 2005)
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