A draft of a government banking
decree on reforming Italy's 363 small cooperative credit banks
would promote mergers in the sector in a bid to prevent future
crack-ups by sharing the risks as well as the rewards, sources
said Tuesday.
The decree likely to reach cabinet Friday calls for setting
up a holding company with the coop banks as majority
shareholders.
EU norms against State aid have forced the government to
look for others ways to shore up this sector and save tens of
thousands of jobs.
Standard & Poor's said earlier in the day Italy's plans for
its banks is positive, but no panacea.
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