Friday,
October 10, 2008
Italy's
Measures Can Deal with Any Bank Crisis
Italy's package of measures to
tackle financial turmoil is among the most complete of any government response
and means it can deal with any crisis its banks may suffer.
Italy
'Can Tackle any Bank Crisis' - Cenbank's
Visco
Reporting by Gavin
Jones; writing by Robin Pomeroy
October 10,
2008
WASHINGTON, Oct 9 (Reuters) - Italy's
package of measures to tackle financial turmoil is among the most complete of
any government response and means it can deal with any crisis its banks may
suffer, a senior Bank of Italy official said on Thursday.
Ignazio Visco,
a member of the BOI's
executive board, told reporters ahead of Friday's
G7 finance ministers' meeting that
Italy's banking sector was solid but
that contagion could not be ruled out because 'the
winds of crisis are very, very strong'.
'We can tackle any crisis
for Italian banks,' he said,
stressing that the measures were for possible future protection and that he did
not envisage their immediate use.
The Italian
cabinet passed a decree late on Wednesday which allows the state to inject
capital into banks in exchange for non-voting shares. It also makes the state
guarantor of last resort for bank deposits of up to 103,000 euros.
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