| Description |
1 online resource (31 pages) : color illustrations |
| Series |
IMF working paper, 1018-5941 ; WP/14/181 |
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IMF working paper ; WP/14/181.
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| 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 |
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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 |
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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 |
| 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. 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 |
| Notes |
"September 2014." |
|
"Monetary and Capital Markets Department." |
| Bibliography |
Includes bibliographical references (pages 30-31) |
| Notes |
Online resource; title from pdf title page (IMF.org Web site, viewed October 8, 2014) |
| Subject |
Banks and banking -- Italy
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Banks and banking -- State supervision -- Italy
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Corporate governance -- Italy
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Banks and banking
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Banks and banking -- State supervision
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Corporate governance
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Italy
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| Form |
Electronic book
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| Author |
International Monetary Fund. Monetary and Capital Markets Department, issuing body.
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| ISBN |
9781484372609 |
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1484372603 |
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1484387511 |
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9781484387511 |
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