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Bank of Italy says mkt regulator informed about Veneto banks' share sales
November 9, 2017 / 2:57 PM / in a month

Bank of Italy says mkt regulator informed about Veneto banks' share sales

ROME, Nov 9 (Reuters) - The Bank of Italy said on Thursday that it had provided enough information to the country’s market regulator, Consob, to issue a warning to investors about the mis-selling of shares by two failed banks in the Veneto region.

The central bank’s head of supervision, Carmelo Barbagallo, said Bank of Italy sent a letter to the market watchdog “at the end of 2013 that was more than sufficient for Consob to issue a warning”.

Barbagallo spoke in sworn testimony before a parliamentary commission investigating banking crises that could cost the government up to 23 billion euros in taxpayer money this year.

Barbagallo was responding to testimony by Consob made earlier on Thursday, in which the market regulator said the Bank of Italy had not supplied information about the Veneto banks’ mis-selling of shares before 2015.

The two Veneto-based banks are being liquidated and their former top executives are under investigation for the mis-selling of shares to thousands of investors who have lost their savings. ($1 = 0.8619 euros) (Reporting by Steve Scherer, editing by Valentina Za)

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