The International Monetary
Fund (IMF) says Italian banks have made progress on improving
corporate governance while stressing that they still have a lot
of work to do.
In a recent report, the IMF added that it is necessary to
beef up Italian regulations concerning big local co-operative
banks as well as lenders controlled by foundations, because
these "tend to have lower levels of capital and weaker
activities with the respect to the system average".
The fund said it is necessary to reinforce vigilance of
foundations when these are also bank stakeholders as
"foundations don't have shareholders and are subject to
political influence".
It pointed out that foundations are the majority
stakeholders of 23% of Italian landers.
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