for-phone-onlyfor-tablet-portrait-upfor-tablet-landscape-upfor-desktop-upfor-wide-desktop-up

Italy's banks are not in crisis, pose no threat - economy minister

Italy's Finance Minister Pier Carlo Padoan waits for the start of an euro zone finance ministers meeting in Brussels, Belgium, July 11, 2016. REUTERS/Francois Lenoir

ROME (Reuters) - Italian Economy Minister Pier Carlo Padoan said on Wednesday the country’s banks are not in systemic crisis and pose no threat to other banking systems.

Padoan was addressing parliament in Rome the week after two of its largest banks, Monte dei Paschi di Siena BMPS.MI and UniCredit CRDI.MI fared badly in regulatory stress tests.

“The Italian banking system is not in systemic crisis nor is it a source of vulnerability for other banking systems,” Padoan said.

Reporting by Isla Binnie

for-phone-onlyfor-tablet-portrait-upfor-tablet-landscape-upfor-desktop-upfor-wide-desktop-up