Instability threatens Italy's banking reform

Author: | Published: 15 Dec 2016

The political crisis following this month’s Italian referendum could have profound effects on the country’s bank reform

It is necessary to examine and assess the potential legal risk of the political instability on economic development and the financial markets in Italy following the referendum result on December 4 2016 rejecting former Prime Minister Matteo Renzi's proposed reforms of the Italian Constitution.

We will focus on the potential impact of recently enacted legal reforms in respect of mutual and cooperative banks, recovery and resolution procedures involving four regional Italian banks and the Italian State guarantee for securitisations of non-performing loans. As a consequence of the referendum result, although not required by law, the Italian prime minister has announced he will step down.

The mutual banks reform With regard to the mutual banks reform, the Italian government issued the Law Decree of January 24 2015, No 3, as converted into law,...


 

 

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