Italy's top administrative court,
the Council of State, on Friday suspended a circular letter by
the Bank of Italy with measures to apply the government's 2015
reform of the country's 'popolari' cooperative banks.
The reform obliges Italy's multitude of popolari to turn into
joint stock companies and aims to encourage mergers.
The Council of State also deferred looking at the issue
until after the Constitutional Court has ruled on the reform.
The administrative court said it had doubts about legitimacy
of limits on the right of withdrawal.
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