October 19, 2017 / 9:32 AM / a year ago

Intesa Sanpaolo CEO says Italy needs bigger say over ECB banking rules

VERONA, Italy, Oct 19 (Reuters) - The head of Italy’s biggest retail bank Intesa Sanpaolo said the country needed a bigger say over banking matters though Bank of Italy’s Fabio Panetta was fighting hard in Frankfurt to defend domestic interests.

Panetta is Italy’s representative on the European Central Bank’s supervisory board and a candidate to replace current Bank of Italy’s Governor Ignazio Visco.

Intesa Sanpaolo CEO Carlo Messina said Italy needed more people like Panetta in Frankfurt and Brussels defending the country’s interests when it came to setting banking rules.

“We need to send there people that boost the country’s weight within institutions where rules over bad loans and government bonds are set,” Messina told reporters on the sidelines of an event.

Italian banks risk being particularly affected by new ECB rules on bad loan provisioning. (Reporting by Giancarlo Navach, writing by Valentina Za; editing by Agnieszka Flak)

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