Prospettive di ridefinizione degli assetti proprietari del capitale della Banca d'Italia: profili giuridici e valutativi

The issue of the shareholding structure of the Bank of Italy remains unresolved, after a new regulatory approach that provides, in fact, a redefinition, in terms of public ownership of the Bank. However, the legislative failure in indicating the criteria to be followed in the identification of new shareholders, has been an obstacle in the identification of appropriate solutions.
The consideration of the legal structure and the particular configuration of the Bank does not preclude, however, the possibility of finding a method to assess the Bank's capital and to ensure its practical applicability to this particular case. The difficulty of the matter lies in the specific configuration of the Bank's assessment which can not be solved through the techniques usually used in the context of joint stock companies accounting methods.
On the other hand, the legal framework and the non-transferability of the shares by their future shareholders, suggests the relevance, in this context, of income valuation methods.
In particular, the analysis argues the applicability of the Discounted Dividend Model that, in this case, gives place to a significant IRR.