December 19, 2017 / 9:32 AM / a year ago

Bank of Italy not to blame for bank collapses, says governor

ROME, Dec 19 (Reuters) - Bank of Italy Governor Ignazio Visco on Tuesday defended his record before parliament, saying the collapse of numerous banks in the past two years was not due to careless supervision but to a deep, double dip recession.

Addressing a special parliamentary commission, Visco denied that the central bank had acted late in preventing banking scandals or had underestimated the effect of the economic downturn on banks’ balance sheets.

“The marked deterioration of banks’ assets and the crises of recent years were above all the inevitable consequence of the deep, double-dip recession that hit the Italian economy,” he said.

Reporting by Giuseppe Fonte, writing by Gavin Jones; editing by Philip Pullella

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