November 21, 2018 / 1:43 PM / in 5 months

Italy's 5-Star says wants to shield unlisted banks from bond price swings

ROME, Nov 21 (Reuters) - Italy’s 5-Star Movement said on Wednesday it had proposed measures to allow unlisted banks and insurers to shield their balance sheets from fluctuations in the value of Italian sovereign bonds.

Members of the ruling party have proposed two amendments to the budget law, which is being discussed in parliament, to allow unlisted banks and insurers not to mark-to-market their sovereign holdings, 5-Star members of the lower house’s finance committee said in a statement.

“(With these rules) the discussion between the Italian government and Brussels (over the budget) can be carried out with greater calm, focusing on citizens’ interests rather than bourse indices,” the statement added. (Reporting by Giuseppe Fonte, writing by Giulia Segreti)

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