Brussels, 19/05/2005 (Agence Europe) - A spokesperson for Charlie McCreevy (EUROPE 8949) indicated that on Thursday, the Director General of the European Commission's internal market directorate sent a letter to the Permanent Representation of Italy to the European Union. The spokesperson insisted that there was “no battle” going on between the Commission and Antonio Fazio, the Governor of the Bank of Italy and it simply involved a “request for information”. The Italian authorities will have to decide whether the government or the Banca d'Italia has to respond. The spokesperson explained that it had “two weeks from receipt of the letter” to reach a decision.
This letter is not overtly part of a formal procedure. It aims to provide the Commission with clarification as to the two demands linked to Directive 2000/12/EC on credit establishments: the authorisation for increasing a stake in a credit institution and the ratio of a bank's solvability (which must be maintained at 8% at least). Mr McCreevy's spokesperson said that they had not received any complaints on the subject of this increase in participation, stating that “we do not believe that there has been any wrongdoing”. The investigation focuses on a “very short period” corresponding to the moment when the Italian Banca popolare di Lodi (BPL) increased its participation in Antonveneta to almost 30%. The BPL is attempting to prevent a takeover bid from the ABN Amro bank for the Italian Antonveneta bank. Fears have been expressed about the risks involving solvability that this operation could involve.