Crediti deteriorati: così la bad bank diventa “buona”

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Per facilitare il definitivo superamento del problema dei crediti deteriorati servono operatori specializzati, che si impegnino in una gestione attiva, senza limitarsi alle sole procedure di recupero. Alcune esperienze europee possono essere d’esempio.

Alla ricerca di una soluzione definitiva

Nella Relazione annuale di fine maggio il governatore della Banca d’Italia ha dato la buona notizia di un miglioramento del tasso di deterioramento dei crediti. Le sofferenze sono calate e oggi a far la parte da protagonista sono le esposizioni verso imprese in situazione di temporanea difficoltà. L’indicazione è quella di valorizzare ulteriormente il ricorso a operatori specializzati, per favorire il più possibile il rientro in bonis dei prenditori.

Anche nel Piano nazionale delle riforme, allegato al Documento di economia e finanza 2019 il governo si è impegnato a mettere in campo “un piano che faciliti lo smaltimento dei crediti deteriorati ma non ancora in sofferenza (pagina 7)”.

Gli interventi auspicati potrebbero portare entro il 2026 alla cancellazione di tutti i crediti deteriorati iscritti nei bilanci a marzo 2018, come previsto dall’Addendum alle linee guida della Banca centrale europea sui non performing loans.

Fermo restando un recupero attraverso le procedure ordinarie – il governatore ha fatto un rapido accenno ai possibili effetti, in realtà ancora tutti da verificare, della nuova disciplina sulla crisi d ‘impresa -, bisogna chiedersi se sia possibile liberare rapidamente le banche dai crediti deteriorati, senza svalutarli significativamente rispetto al valore netto al quale sono ora iscritti a bilancio.

L’obiettivo potrebbe essere raggiunto tramite l’intervento di Sga (Società gestione di attività), costituita come bad bank del Banco di Napoli e ora di proprietà del ministero dell’Economia e delle Finanze (nei mesi scorsi lo stesso ministero sembra aver ipotizzato la possibilità di utilizzarla) o di una nuova società. Le banche, tramite un meccanismo volontario, potrebbero decidere di trasferire sia le sofferenze che i crediti classificati come probabili inadempienze, individuati congiuntamente con la bad bank.

Il prezzo da pagare alla banca potrebbe essere pari, o il più vicino possibile, al valore netto iscritto a bilancio. I finanziamenti necessari potrebbero provenire da obbligazioni senior e subordinate. L’ammontare delle prime potrebbe essere pari al prezzo che la banca avrebbe incassato cedendo al mercato gli Npl. Da un’indagine della Banca d’Italia è risultato che, per le vendite effettuate nel 2016, il prezzo è ammontato al 17 per cento dell’importo lordo della sofferenza. Per facilitare il loro collocamento sul mercato, le obbligazioni senior potrebbero usufruire della garanzia dello stato (dovrebbe essere un punto di negoziazione con le autorità europee). Le obbligazioni subordinate dovrebbero essere sottoscritte dalle banche per un importo pari alla differenza tra il valore di cessione alla bad bank degli Npl e l’ammontare delle obbligazioni senior assistite da garanzia.

Una bad bank “buona”

Poiché la possibilità di ottenere il rimborso delle obbligazioni dipende dei ricavi della bad bank, questa deve avere la possibilità di procedere a una gestione attiva dei crediti acquisiti, senza limitarsi al recupero attraverso le procedure ordinarie in sostituzione delle banche che li hanno ceduti. Dovrebbe esserle permesso di promuovere una certa gamma di servizi e iniziative. Per esempio, dovrebbe disporre con elasticità dei collaterali dati a garanzia dei crediti; contribuire a risolvere le difficoltà economiche che hanno generato le morosità; sostenere la gestione del l’impresa debitrice e così via.

Nel panorama europeo delle società veicolo costituite per la gestione attiva dei crediti non più in bonis vi sono diverse esperienze meritevoli di attenzione. Gli esempi più recenti sono quelli della spagnola Sareb e dell’irlandese Nama. Pur con specifiche caratteristiche, le due bad bank gestiscono la valorizzazione dei loro attivi adottando strategie con molti punti in comune. In entrambi i casi, il ricorso alle procedure giudiziarie di recupero dei crediti applicate nei rispettivi paesi è affiancato dal l’attivazione di iniziative negoziali con i debitori che porta le bad bank a sostenere, o anche a intraprendere, iniziative imprenditoriali e a svolgere perfino funzioni tipiche delle banche. Rinviando alle singole schede (qui Sareb e qui Nama) per i dettagli sulle due società, qui è sufficiente richiamare che Nama, nella gestione dei suoi attivi, realizza iniziative del tutto simili a quelle di un operatore immobiliare che si muove sul mercato e che può anche erogare nuovo credito a un suo debitore moroso se è necessario per completare un intervento edilizio. Anche Sareb può comportarsi come un operatore di mercato e svolgere un ‘ampia gamma di iniziative e di interventi, che in campo immobiliare le consentono di promuovere la realizzazione di nuovi edifici e l’urbanizzazione di terreni agricoli. Se necessario per la valorizzazione dei suoi attivi, può perfino costituire sub-bad bank alle quali trasferire parti di essi.

In sostanza, si potrebbe dire che per realizzare l’obiettivo di un progressivo recupero dei crediti deteriorati una bad bank non deve poi essere così “cattiva”.