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4 years ago
Bank of Italy says capital revaluation can help banks from 2015
February 3, 2014 / 5:24 PM / 4 years ago

Bank of Italy says capital revaluation can help banks from 2015

ROME, Feb 3 (Reuters) - Bank of Italy Governor Ignazio Visco said on Monday that the revaluation of the central banks' share capital approved by parliament last week can boost Italian banks' core capital only from 2015.

"There is a benefit for the banks, but it's not a big boost," Visco told reporters.

He said core capital would be increased by around 40 basis points on average and around 30 basis points for the largest banks participating in an asset quality review conducted by the European Central Bank.

The Bank of Italy will only be available to buy back banks' stakes exceeding a three percent limit set by the government's legislation after a three year transitional period, he added.

Italian banks Intesa Sanpaolo and UniCredit could cash in up to 3.5 billion euros combined from the sale of their revalued stakes in the central bank exceeding the three percent limit, according to analyst calculations. (Reporting by Giselda Vagnoni, writing by Gavin Jones, editing by Francesca Landini)

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