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Bankitalia: DRAGONS-BANKS, MORTGAGE CRISIS EFFECTS LIMITED / ANSA

Insights governance but also the effects of market turmoil resulting from the crisis of subprime mortgages, which the Italian banks are limited. These are the issues on which we are entertained to a luncheon in San Valentino, the governor of the Bank of Italy, Mario Draghi, and representatives of six major Italian banks. A meeting to take stock of the corporate governance of institutions, the forthcoming adoption of legislation on this matter from the Via Nazionale, but also to draw a picture of the consequences of the crisis on financial markets and policies for the evaluation of structured products by intermediaries. Dragons tomorrow in Paris, where he will have bilateral meetings with the governor of the Bank of France, Christian Noyer. "The initiative is an opportunity - Palazzo Koch explains - to exchange experiences on topics of common interest, as part of its regular cooperation between central banks." The top managers have been received in the morning and were entertained to lunch, for a "quick snack, standing." Present the CEO of Unicredit, Alessandro Profumo, the CEO of MPS Antonio Vigni, the managing director of Mediobanca Alberto Nagel, chief executive of Intesa Sanpaolo, Corrado Passera, the managing directors of Banco Popolare and UBI Banca, respectively, and Fabio Innocenzi Giampiero Auletta Armenise, and President and CEO of ABI, Corrado Faissola and Giuseppe Zadra. During the "usual" meeting were considered "the implications of developments arising from the sub-prime mortgage crisis in the United States. In particular, we have considered both the effects of turbulence on financial markets and policy evaluation Structured products by brokers. In this context we discussed the comparability of financial information through the development, in the appropriate institutional, uniform criteria. "Draghi has repeatedly said in recent months, the Italian banking system is sound and one of the least exposed to the turmoil produced by the mortgage crisis on international financial markets. With the bankers, the Governor also reviewed "the terms of the money and interbank markets, and organizational measures adopted to deal with the liquidity risk and to integrate it the general function of risk management. On corporate governance of banks, Finally, some practical aspects have been worked out of the legislation will soon be passed by the Bank of Italy. "At the Forex, Draghi stressed that the proposed regulations by the Bank of Italy on governance and the dual system has received" a widespread consensus "and the critical contributions will come to" calibrate the enforcement of general principles, but remain firm. "Dragons and then for the supervisory arrangements" will ensure a clear distinction between strategic oversight reserved to the supervisory board and management to the Board of Management "." autonomy statute is a positive value - added Dragons During the annual financial operators - Prudential regulation must ensure that its exercise in the banking sector is compatible with sound and prudent management. "

Source: ANSA
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