Bank of Italy Governor Ignazio
Visco told the European Parliament Tuesday that fraud was a
major factor in the troubles the Italian banking sector is
currently enduring.
"An economic crisis of these proportions could not fail to
hit the Italian banks," he said.
"At the origin of the banks' difficulties we found company
decisions tainted by fraudulent behaviours and imprudent
decisions on the allocation of credit - a combination of
potentially devastating factors.
"Nevertheless, the damage to the banking system was
concentrated in a few, well-identified intermediaries, who have
been subject to intense oversight and continue to be so".
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