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Reforming the corporate governance of Italian banks

Author: Nadège Jassaud; International Monetary Fund. Monetary and Capital Markets Department.
Publisher: [Washington, D.C.] : International Monetary Fund, ©2014.
Series: IMF working paper, WP/14/181.
Edition/Format:   eBook : Document : International government publication : EnglishView all editions and formats
Summary:
Sound corporate governance is essential for a well-functioning banking system and the integrity of financial markets. The paper discusses the corporate governance of Italian banks, its regulatory framework, and the specific challenges arising from the role played by foundations and large cooperatives. Although Italian banks have recently made progress in improving their corporate governance, more needs to be done.  Read more...
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Genre/Form: Electronic books
Additional Physical Format: Print version:
Jassaud, Nadège.
Reforming the Corporate Governance of Italian Banks.
Washington : International Monetary Fund, ©2014
Material Type: Document, Government publication, International government publication, Internet resource
Document Type: Internet Resource, Computer File
All Authors / Contributors: Nadège Jassaud; International Monetary Fund. Monetary and Capital Markets Department.
ISBN: 9781484372609 1484372603
OCLC Number: 892557839
Notes: "September 2014."
"Monetary and Capital Markets Department."
Description: 1 online resource (31 pages) : color illustrations.
Contents: Cover Page; Title Page; Copyright Page; Abstract; Contents; Tables; Figures; Boxes; I. Introduction; II. Foundation-Controlled Banks; A. Foundations as Bank Owners; 1. Foundations Having Fully Disinvested From Their Original Banks; 2. Structure of Ownership in Italian Banks and Presence of Foundations; 3. Unicredit- Intesa --
Foundations as Controlling Minority; 4. Cross-Shareholdings in the Largest Italian Financial Institutions; 1. Monte dei Paschi, Foundation Monte dei Paschi, and the City of Siena; 2. European Experience with Foundations and Banks; B. Strengths of Foundation Ownership. 1. Largest Italian Foundations by Total Assets, December 2012C. Challenges Raised by Foundation Ownership; 5. Foundations' Portfolio Diversification; 6. Large Electors Appointing Boards of Directors in Foundations; D. Foundations and Bank Performance; 7. Foundation Controlled Banks Selected Indicators; 8. Stress Tests Results from Banks Controlled by Foundations; III. Cooperative Banks; A. Cooperative Sector in Italy; B. Strengths of Cooperatives; 9. Capital Positions of the Two Largest Italian Cooperatives 2011-2012; C. Challenges Raised by Large Cooperatives. D. Financial Characteristics of Cooperative Banks10. Listed Cooperatives Selected Indicators; 11. Stress Tests Results from Large Cooperative Banks; IV. Governance Regulatory Framework; A. Regulations on Corporate Governance; B. Recent Improvements; 2. Italy Main Changes to the Bank Governance Framework in 2014; 3. Governance and Recent International Financial Regulations on Bank Governance; V. Summary and Remaining Challenges; References; Footnotes.
Series Title: IMF working paper, WP/14/181.
Responsibility: prepared by Nadège Jassaud.

Abstract:

Sound corporate governance is essential for a well-functioning banking system and the integrity of financial markets. The paper discusses the corporate governance of Italian banks, its regulatory framework, and the specific challenges arising from the role played by foundations and large cooperatives. Although Italian banks have recently made progress in improving their corporate governance, more needs to be done. In this regard, further improvements should include: (i) strengthening further the existing banking regulations through stricter fit-and-proper rules for directors and controlling shareholders; (ii) implementing the new related party lending regulation with tightened definitions; (iii) strengthening oversight of foundations when they are the controlling shareholders in banks; and (iv) facilitating the transformation of large cooperatives into joint stock companies.--Abstract.

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