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No need to nationalise Italian banks
MILAN - The Italian state does not need to nationalise any of the country's banks, the chairman of the country's banking association said on Saturday.
"We do not think that there are the slightest conditions to talk about nationalisation," Corrado Faissola of the Italian Banking Association (ABI) told reporters at an event.
Shares in Italian banks fell heavily on Friday amid growing investor fears of nationalisation.
The fears were stoked by the European Commission's approval of a plan by the Italian government that would allow the state to take part in the recapitalisation of a bank.
The plan would let the state buy bonds issued by a bank seeking to strengthen its capital base.
In explaining the plan, the Commission said the state would be able to take part in a recapitalisation if private investors participated for at least 30 percent of it.
Prime Minister Silvio Berlusconi has said nationalisation was an idea being considered at the international level, but no Italian banks had requested state help.
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