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Financial Stability Board Statement: FSB completes peer review of Italy

( February 7, 2011, 19:10 GMT | Official Statement) -- MLex Summary: Italy ought to build on its work begun with its largest banks in strengthening the capital base of lenders while taking care not to cut off the supply of credit, the global body of financial regulator said. Noting a series of Italian actions to tighten rules and supervision, the panel also called for authorities to phase in a rule classifying loans as past due when they have been outstanding for 90 days, and to boost powers of regulators to remove bank officials.The Financial Stability Board (FSB) published today the report on the peer review of Italy. This forms part of a regular programme of peer reviews of FSB member jurisdictions, which began with the publication of the peer review of Mexico in September 2010. Spain also underwent a peer review in 2010 and its report is published today concurrently with the one for Italy. Australia, Canada and Switzerland volunteered to undergo a peer review in 2011, and their reports will be published following approval by the FSB Plenary....

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