November 2, 2018 / 2:06 PM / in 19 days

Italy must provide fresh capital to troubled banks - senior official

ROME, Nov 2 (Reuters) - Italy should provide fresh capital to troubled banks, the cabinet’s undersecretary said in an interview included in a book due to be published next week.

“The State should recapitalise banks that need it, but must then exit their capital once their health is restored. It has been done frequently in the past, in moments of financial crisis,” Giancarlo Giorgetti was quoted as saying.

The interview is included in the book ‘Revolution’ by Italian journalist Bruno Vespa. It was not possible to determine the date of the interview.

Giorgetti did not specify what banks he referred to, but said that the situation “varied from bank to bank”.

“Some may have serious problems, other relatively serious ones,” he said.

Reporting by Massimiliano di Giorgio, writing by Giulia Segreti; editing by Francesca Landini

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