Bloomberg Anywhere Login

Bloomberg

Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the world.

Company

Financial Products

Enterprise Products

Media

Customer Support

  • Americas

    +1 212 318 2000

  • Europe, Middle East, & Africa

    +44 20 7330 7500

  • Asia Pacific

    +65 6212 1000

Communications

Industry Products

Media Services

Follow Us

UniCredit’s Profumo Says Stress Test Publication ‘Good Thing’

June 18 (Bloomberg) -- UniCredit SpA Chief Executive Officer Alessandro Profumo welcomed the Bank of Italy’s decision to publish the results of stress tests on the nation’s lenders.

“For countries with strong banks like Italy, it’s absolutely a good thing,” Profumo told reporters at the sidelines of a conference in Rome. “I think it’s a good thing for all, and certainly it’s something important for Italy.”

The Italian central bank’s announcement today came after an agreement by European Union leaders to publish the results of stress tests on major banks by the end of July to boost confidence in financial institutions. EU leaders also agreed yesterday to pursue a banking levy and a financial transaction tax that would apply worldwide to ensure fair burden-sharing and rein in systemic risks.

Profumo said plans for a bank tax are “deeply wrong,” favoring the introduction of a fund to support troubled lenders.

“I think it would be opportune to contribute to a fund, which may be able to intervene in a situation of difficulty,” he said.

Banking shares have been among the biggest decliners in Europe this year amid the region’s sovereign debt crisis. UniCredit has dropped 17 percent in the period, compared with an 8.6 percent retreat in the 52-member Bloomberg Europe Banks and Financial Services Index.

To contact the reporter on this story: Sonia Sirletti in Milan at ssirletti@bloomberg.net; Lorenzo Totaro in Rome at ltotaro@bloomberg.net

To contact the editor responsible for this story: Frank Connelly at fconnelly@bloomberg.net

Please upgrade your Browser

Your browser is out-of-date. Please download one of these excellent browsers:

Chrome, Firefox, Safari, Opera or Internet Explorer.