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Never said everything was fine - Visco

Never said everything was fine - Visco

Savers' losses painful, but BoI gave its all says governor

Rome, 19 December 2017, 11:17

Redazione ANSA

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- ALL RIGHTS RESERVED

-     ALL RIGHTS RESERVED
- ALL RIGHTS RESERVED

Bank of Italy Governor Ignazio Visco hit back at criticism of the central bank's oversight operations on Tuesday as he reported to the parliamentary commission of inquiry into the banking crisis. "In some people's opinion, the Bank of Italy said everything was fine and underestimated the situation when, with the second recession, started in 2011 by the sovereign debt crisis, a new wave of impaired credit was added to those supported by the banks in the previous three years. It is not true," Visco told the commission, adding that he had sounded an alarm about bad loans in 2012. Visco told the commission that the institution was pained by the losses suffered by some savers, while stressing that it had done its utmost to limit the crisis.
    "We worked with the maximum commitment and exclusively in the country's interest," Visco said.
    "We addressed many difficulties, managing to overcome lots, within the limits of our competence and mandate. "The losses suffered by savers, in the cases in which it was not possible to resolve the crises in other ways, were widespread and painful".
   

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