The owners of the Bank of Italy

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The Bank of Italy is a società per azioni (SpA) {joint-stock company} even though it has a special constitution in relation to its rights and the way its shareholders can participate. The shares are held by a selection of Banks and a smaller portion are held by insurance companies and by Istituto Nazionale della Previdenza Sociale (INPS) {State pensions body}

The Research Office of Mediobanca has identified 90,17% of the ownership of the Bank of Italy.

Note that just three Banks have more than 50% of the shares between them and therefore can “control” the Bank. These are Intesa, San Paolo IMI and Capitalia. But if they control the Bank of Italy, how does the Bank of Italy manage to control them?

At this point, since we have no Government and opposition, let’s turn to the shareholders to ask Fazio to step down.

I suggest that anyone with a current account with one of these Banks sends an email requesting that Fazio resign.

Main Shreholders of the Bank of Italy (90.17%)

Gruppo Intesa (26,81%)
Gruppo San Paolo IMI (17,44%)
Gruppo Capitalia (11,15%)
Gruppo Unicredito Italiano (10,97%)
Gruppo Assicurazioni Generali (6,33%)
INPS (5%)
Banca Carige (3,96%)
Banca Nazionale del Lavoro (2,83%)
Banca Monte dei Paschi di Siena (2,50%)
Cassa di Risparmio di Firenze (1,85%)
RAS-Riunione Adriatica di Sicurtà (1,33%)

Source: R & S (Ricerche & Studi) di Mediobanca, 2004, p. 1160

Posted by Beppe Grillo at 01:04 PM in | Comments (2)
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I can't believe it, my co-worker just bought a car for $40680. Isn't that crazy!

Posted by: Betsy Markum | January 20, 2006 11:42 AM

It may be that Fazio is entirely innocent of any wrong doing, in fact he might be found to have been only 'technically' wrong in his approach to the famous bank takeover. However, his job, lest we or he forget it, is essentially to promote and protect confidence in the banking system. As a Member of the Euro and the European Central Bank, Italy deserves and must demand better from the incumbant head at the Central Bank. As a member of the EU and the Euro currency Italy is obliged to encourage more open and transparant financial markets. Nothing in the Fazio case helps the impression that Italy can meet such objectives. In fact, the politicians (supposedly guardians of democratic economic guidance) who signed EU Single Market agreements must be bemused that an unsackable bureaucrat can so brazenly defy decency and simply stay in office. Clearly, I am not Italian but I love Italy and it is a crying shame that such a country with so much to offer Eurpoe in general should be effectively sidelined at senior economic and financial levels because of the antics of someone who should have known better.

Posted by: Garrick Maguire | October 15, 2005 03:13 PM

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