Financial instability of Monte dei Paschi di Siena, but also the responsibilities of the supervisory bodies, in particular Bank of Italy and Consob: more than a year after the Senate Finance Committee assigned the bill for a commission of inquiry, Tuesday finally begins the examination of the proposal.
“Adopt all the necessary initiatives to shed light on a long dark period in the economic and financial management of what was once the most solid bank in Italy. Parliament must evaluate what has not worked, understand who is responsible and, to those who have been defrauded, to Italian savers, promptly provide answers in terms of justice, equity and legality ". In summary, this is the objective of the investigation into the Monte dei Paschi di Siena affair.
The investigation proposal had been "on track" in committee for over a year, since January 2014, but so far the process had never started. The result of the initiative of various senators from various parties, it was adopted by the entire group of the 5 Star Movement. Finger also pointed at the Bank of Italy and Consob.
Yes, because the proposal being examined by the Palazzo Madama commission intends to proceed "with the establishment of a parliamentary commission of inquiry into the work of Banca MPS, of the MPS foundation, and, consequently, of Consob and the Bank of Italy as regards MPS ”.
Not only. The task of the Commission of Inquiry will also be "to verify responsibilities to prevent events of such great importance from happening again". The commission of inquiry should conclude its work within 12 months of its establishment. The hope is that "in this XVII legislature, we can reach the approval of a reform of the discipline of the supervisory authorities, in order to determine the conditions for evaluating what has not worked and why".
