November 15, 2018 / 3:40 PM / in 5 months

Italy approves amendment to help cooperative banks on spread-related losses

ROME, Nov 15 (Reuters) - Italy’s ruling coalition approved on Thursday an amendment that would allow small cooperative banks (BCC) not to constantly have to book losses linked to bond spread movements, a minister said.

“The (lower house) finance committee has voted through our amendment to the budget bill,” Minister for Parliamentary Affairs Riccardo Fraccaro said in a statement.

He said that if the norm became law it would protect the BCC “which do not invest in Italian sovereign bonds for speculative purposes”. (Reporting by Giuseppe Fonte, writing by Giselda Vagnoni; editing by Crispian Balmer)

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