Alessandro Penati

Italian Banks: A System under Stress

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Five reasons appear to be at the root of the Italian banks malaise. 1) A fall in banks' shares valuation multiples; 2) the cost of the distribution network; 3) the massive investments in Government bonds, thus reinforcing the link with the sovereign debt crisis; 4) the reliance on ECB funding; and 5) the excessive share of corporate liabilities intermediated.


  • Italian banks
  • debt crisis


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