Bank of Italy adjusts its clothes, in sight of Single European Banking Supervision. Governor Ignazio Visco calls the top management of the 6 major Italian banks to report, summoning the managing directors of Unicredit, Intesa Sanpaolo, Mps, Ubi Banca, Banco Popolare and Mediobanca for November 4th.
The meeting, and it is no coincidence, will be held a few days after the publication of the asset quality review criteria which will be carried out by the ECB, and which represents, together with the EBA stress tests to which bank assets will be subjected, one of the two fundamental steps of the balance-shett assessment, the analysis of financial statements at a European level on the path towards supervision unitary.
And precisely for this reason Bank of Italy has launched a new series of inspections, the third in the last twelve months. The accounts of Italian institutions need a thorough review by 2014, the date on which supervision of the main banks will pass from the hands of the ECB. In Visco's sights remains capital: according to Via Nazionale, the related requirement stands at 7,75 billion, a figure also confirmed by the IMF, but which risks rising depending on the scenarios.
According to the Governor, who called for a new change of pace, it is essential "to continue with the action aimed at recovering profitability and strengthening assets, to adapt company strategies to the changed technological and market conditions".
