By Roberto Ruozi, Luisa Anderloni
Banking privatisation represents one of many significant forces that are considerably altering the banking area in Europe. learning the method of banking privatisation therefore is helping to appreciate the dynamics of the sphere. This booklet analyses - from the viewpoint of either advertisement banking and funding banking - a number of the approaches of banking privatisation in Europe and their results at the suggestions and constructions of banks. In its theoretical half, the publication considers technical and fiscal features of banking privatisation from Spain, France, Italy, Norway, Germany, and Russia. An quintessential analyzing for funding bankers, regulators in addition to policy-makers liable for the lifestyles of effective and strong banking systems.
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Extra resources for Banking Privatisation in Europe: The Process and the Consequences on Strategies and Organisational Structures
Though we are looking at totally different economic systems ·it is possible to find a common factor for state intervention in the economy. The creation of companies with a mixed ownership - state and private capital - was aimed at reaching 32 Davies' (1991) research on the Australian market shows how the state banks keep a higher share of their assets invested in treasury bonds and have operating costs above their privately-nm competitors. 33 As we shall see an important exception is given by Gennany.
Unlike the case of Great Britain, the realisation of the privatisation policy was subject to approval by Parliament. The need for legislative recognition is a result of the French constitution. Art. 34 of the Constitution of 1958 reserves exclusive competence to legislators for fixing rules concerning " ... transfer of ownership of enterprises from the public sector to the private sector". The legal basis can therefore be found in laws Nos. 793 and 912 of 1986 and law No. 923 of 1993 44 • The laws cited define a neat and structured legal framework of reference regarding fundamental issues such as: the methods of transfer, the methods of valuation, the fixing of the offer price, the defining of regulations that favour the development of shareholding among the genernl public, and so on.
The govermnent' s total freedom in this process means that each operation took and for the remaining takes on distinctive traits both in timing and in the way the process was achieved. From a technical-legal viewpoint it is possible to put ones finger on a series of common aspects. Firstly, the public corporations have been mostly transformed into public limited companies without any legal procedure and are thus subject to the rules and regulations of the Companies Act. The new statute transferred the rights, obligations, assets and liabilities to the fledgling company.