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SPO - Banca Popolare Di Spoleto SpA News Story

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Last Trade - 18/09/13

Micro Cap
Market Cap £n/a
Enterprise Value £n/a
Revenue £130.4m
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UPDATE 1-Italy backs central bank chief in corruption investigation

Wed 28th October, 2015 6:40pm
(Releads with economy minister, adds detail, background) 
    By Giuseppe Fonte 
    ROME, Oct 28 (Reuters) - Italian Economy Minister Pier Carlo 
Padoan gave strong support on Wednesday to the country's central 
bank governor who is involved in a corruption investigation. 
    Padoan told parliament the government had no intention of 
asking Bank of Italy chief Ignazio Visco to resign because the 
affair was not sufficiently serious. 
    Prosecutors in the central Italian city of Spoleto said this 
month they had opened an investigation into Visco and seven 
other officials in connection with the collapse and subsequent 
sale of Banca Popolare di Spoleto (BPS)  BPSP.MI . 
    The prosecutors, who are looking into possible fraud and 
corruption, opened the investigation after small shareholders 
complained of the toll the central bank's action had taken.*:nL8N12L3Y7 
    "The removal of the governor would only be possible in the 
case of grave shortcomings, and the affair in question doesn't 
show signs of that," Padoan told the Chamber of Deputies. 
    "The Bank of Italy's actions were absolutely correct in both 
form and substance," he said. 
    Being placed under investigation in Italy does not imply 
guilt and does not mean formal charges will follow. 
    Earlier on Wednesday Visco defended his and the bank's 
conduct, in his first comments on the probe. 
    "I only want to say that I have no hesitation in defining 
the supervision of the Bank of Italy as legitimate, correct and 
attentive," he told reporters on the fringes of an event in 
    The Bank of Italy had requested that BPS be put under 
special administration in February 2013 after an inspection the 
previous year found serious irregularities and large capital 
losses at the small, local lender. 
    The central bank then picked another small Italian bank, 
Banco di Desio e della Brianza  DESI.MI , to take over BPS. 
    In a letter sent to staff last week, Visco's No. 2 at the 
central bank suggested that the institution was being targeted 
for political reasons. He gave no further details. 
    "The episode has occurred in a climate of intense political 
conflict which occasionally targets the banking system and the 
Bank of Italy," Director General Salvatore Rossi wrote in the 
letter, seen by Reuters. 
    In 2005, former Bank of Italy Governor Antonio Fazio was 
forced to resign over alleged wrongdoing in connection with a 
bank takeover, for which he was later convicted. 
 (Additional reporting by Stefano Bernabei; Writing by Gavin 
Jones; Editing by Louise Ireland) 
 ((; +390685224351; Reuters 
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