May 2003
Tremonti tackles Italian history
| |
Tremonti: the courts have driven
him back to negotiating with the
foundations |
The history of legislation on banking foundations in
Italy is not a happy one. Successive governments have tried
to stamp their mark, with the aim of eroding the foundations'
power. This government is no different. Finance minister
Giulio Tremonti has tried to wrest a bit more influence from
them and next month, or perhaps the one after, could be the
moment of truth. That's when the constitutional court will
present its decision on whether the foundations must sell the
shares they hold in banks.
It isn't difficult to see why what these bodies do
interests the government. Between them, the 89 foundations
hold almost e40 billion in assets, including big stakes in
Italy's banks. This ownership dates back to 1990, when the
government decided to split savings banks into two in
recognition of their different and sometimes conflicting
functions. One body - the bank - became a joint-stock company
responsible for financial operations. The other - the banking
foundation - retained charitable status and a social role,
maintaining cultural attractions and historical monuments for
example.
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