The Investor Compensation Fund (Fir) must ensure more accurate financial planning and the definition of new claims “as soon as possible.” This is prescribed by the Court of Auditors, which approved the report on the Fund established by the 2019 budget law, with a total financial endowment of 1.6 billion euros over the three-year period 2019-2021.
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The Fir mechanism
Managed by the Mef, the Fir is aimed at compensating investors, their families, and heirs, holders of shares or subordinated bonds, who have suffered an unjust prejudice due to massive violations of information, diligence, fairness, objective good faith, and transparency obligations by certain credit institutions, legally based in Italy, under compulsory administrative liquidation between November 16, 2015, and January 1, 2018. The investigation reconstructed the state of implementation of the fund, highlighting the results of the intervention and the main elements to be monitored from an accounting and financial perspective.
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At the end of 2023, 134,000 claims accepted
As of December 31, 2023, over 134,000 claims had been accepted, for a total amount of about 1.354 billion euros; subsequently, further compensations were paid, totaling about 1.355 billion euros. Approximately 59.3% of the disbursed sums were allocated to Veneto, while the claims were examined by a Technical Commission, with operational support from Consap. The Court of Auditors’ analysis highlighted the formation of budget residuals and an overestimation of resources for the functioning of this Commission, “aspects that require more accurate financial planning.”
The endowment increased by 80 million
The report then recalls the integration of the Fund’s endowment, arranged by the 2026 Budget Law, which authorizes a maximum expenditure of 80 million euros (20 million in 2026 and 30 million for each of the years 2027-2028), for investors whose claims were rejected due to incomplete documentation or procedural issues. In view of the implementation of the intervention, the Court recommended to the administration, without prejudice to the verification of the legally required conditions, to ensure the definition of new claims as soon as possible, also to prevent the formation of further residuals in the specific expenditure chapter. Finally, a more accurate estimate of the appropriations allocated to the Technical Commission was urged, in order to ensure financial planning consistent with the actual needs.
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