November 29, 2018 / 3:53 PM / 13 days ago

ECB's Angeloni says lack of Italian bank wholesale bonds not a concern

MILAN, Nov 29 (Reuters) - The absence of Italian banks from wholesale funding markets since May is not a general concern though it may be for an individual bank, a European Central Bank senior supervisor said.

With the exception of heavyweights Intesa Sanpaolo and UniCredit, Italian banks have shunned international funding markets since the spending plans of a eurosceptic government coalition prompted a sell-off of Italian assets in mid-May and sent debt costs soaring.

“Italian banks fund themselves in a variety of ways ... the fact that certain transactions have not taken place since May does not necessarily generate concerns,” he said on the sidelines of a banking conference.

He also said banks had the option of classing government bonds among assets ‘held to collect’ to avoid having to reflect market price in book values. He said this was an accounting matter and did not concern the ECB’s banking supervision. (Reporting by Valentina Za)

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