The Bank of Italy on Saturday called for European rules to handle smaller banks&...
MILAN - The Bank of Italy on Saturday called for European rules to handle smaller banks’ crises and urged them to consider mergers to cut excessively high costs.
Italy’s fragmented banking system has been hit by a string of small bank failures in the wake of a deep recession. The government and healthy banks have been forced to step in, shouldering significant costs, and the central bank’s supervisory activity has been called into question. Under current European rules, “the only way forward in the event of a crisis is a piecemeal liquidation, resulting in a loss of value and in contagion risks.”
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