The Italian parliament gave its
first OK Tuesday to setting up a commission of inquiry into the
banking system. The Senate finance committee handed a mandate to
the rapporteur, Mauro Maria Marino of the ruling centre-left
Democratic Party (PD), to report to the Senate, where the
measure has already been put on the agenda. The opposition
5-Star Movement abstained because of the one-year duration for
the commission and the failure to introduce incompatibility for
MPs who have had links to banks. The Italian banking system has
been through a string of woes including rescues that left
bond-holders with worthless paper. One bondholder killed
himself. The system is also weighed down by non-performing loans
and the bank with the highest ratio of these, Monte dei Paschi
di Siena, is set for an expensive precautionary
recapitalisation.
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