Italian banks solid despite global crisis, says report

08:24, May 25, 2010      

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Despite the global crisis Italian banks resisted and remained stable, according to an annual report by Italy's Banking Association (ABI) released on Monday.

The world economic downturn has had negative effects on the country's financial system in 2009 with a 22 percent fall in net profits, a trend fated to continue even this year, said a statement by the ABI headquarters.

However, the impact of the global turmoil was limited thanks to the nature of the banking system itself, observed ABI director- general Giovanni Sabatini.

"Our banks are solid because profits going into speculative maneuvers and market trading are limited," he said.

Almost 70 percent of spending is in fact focused on real economy (business subsidizing, lending for entrepreneurial initiatives) while just 20 percent for financial activities.

The merit goes to Italy's banking system's traditional structure, featuring a limited international exposure compared to credit institutes in other European countries. Thus the Italian banks'isolation paradoxically turned-out to be the winning asset in shielding the system from the repercussions of the global crisis.


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(Editor:黄蓓蓓)

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