The material on this site is for financial institutions, professional investors and their professional advisers. It is for information only. Please read our Terms & Conditions, Privacy Policy and Cookies before using this site. Please see our Subscription Terms and Conditions.


All material subject to strictly enforced copyright laws. © 2021 Euromoney, a part of the Euromoney Institutional Investor PLC.

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.

You have reached premium content. Please log in to continue reading.

Read beyond the headlines with Euromoney

For over 50 years, our readers have looked to Euromoney to stay informed about the issues that matter in the international banking and financial markets. Find out more about our different levels of access below.

SUBSCRIBE ONLINE TODAY

Unlimited access to Euromoney.com and Asiamoney.com

Expert comment, long reads and in-depth analysis interviews with senior finance professionals

Access the results of our market-leading annual surveys across core financial services

Access the results of our annual awards, including the world-renowned Awards for Excellence

Your print copy of Euromoney magazine delivered monthly

£73.75 per month

Billed Annually

FREE 7 DAY TRIAL

Unlimited access to Euromoney.com and Asiamoney.com, including our top stories, long reads, expert analysis, and the results of our annual surveys and awards

Sign up to any of our newsletters, curated by our editors

LOGIN NOW

Already a user?

We use cookies to provide a personalized site experience.
By continuing to use & browse the site you agree to our Privacy Policy.
I agree