November 29, 2018 / 3:21 PM / 13 days ago

ECB's Angeloni says Italian banks made "formidable" progress

MILAN (Reuters) - Italian banks have made “formidable” progress in cleaning up their balance sheets and raising their capital buffers, the European Central Bank’s Senior Supervisor Ignazio Angeloni said on Thursday.

“I’m convinced Italian banks have made formidable recovery progress,” Angeloni told a banking conference in Milan.

He said Italy should work towards strengthening the banking union because the country’s banks had only to benefit from it. He added not all Italian banks had boosted their holdings of Italian government bonds in recent months.

Reporting by Valentina Za, editing by Stephen Jewkes

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