Italian Bank Association Committee Resigns Over New Fee Rules

The Italian Bank Association’s presidential committee resigned today in protest over new banking-fee rules included in the government’s legislation on boosting competition, ABI Chairman Giuseppe Mussari said.

“The ABI presidential committee decided to resign because of the norm on banks included in the liberalization decree,” he told reporters in Rome today.

The new rules would eliminate commissions paid to banks on all credit allocated by lenders, according to Italian media including MF newspaper. The legislation is being put to a confidence vote in the Senate in Rome today.

Mussari told reporters that the measures are “unfair” and should only be applied to banks that violate rules on transparency. If the norms are approved, banks will be forced to “revise the entire credit system,” he said.

To contact the reporter on this story: Chiara Vasarri in Milan at cvasarri@bloomberg.net

To contact the editor responsible for this story: Jeffrey Donovan at jdonovan26@bloomberg.net

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