The Bank of Italy calls on the Cooperative Credit System to carry forward the project for reforming the sectorin order to strengthen the stability of individual institutions and the system as a whole

Given the novelty and complexity of the reform project introduced by Law 49/2016, the Bank of Italy calls on the system of cooperative banks to stand ready to implement the most suitable and secure measures.

The Bank of Italy requests that those banks intending to assume the role of holding company notify both the Bank of Italy and the whole system of cooperative banks in January 2017. The Bank of Italy also recommends that the cooperative banks affected by the reform decide, upon approval of the 2016 budget, which group they wish to join and communicate their decision to both their parent company and the Bank of Italy within ten days.

Finally, the Bank of Italy underlines the importance of proceeding with the planned consolidation operations as soon as possible, if they are necessary to strengthen the stability of individual institutions and the cooperative system as a whole.