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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