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| Intesa Sanpaolo has taken measures on E. Europe |
| Roma, 16.03.2009 |
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| ROME, Feb 18 (Reuters) - Intesa Sanpaolo SpA has already taken all the measures necessary to deal with the difficult situation in eastern Europe, Chief Executive Officer Corrado Passera said Wednesday. "The situation is different from country to country and depends on the type of business. We are committed in some countries (of the region) and have taken all the measures that need to be taken," he said. Passera was speaking on the margins of the Italian Banking Association (ABI) executive meeting. Banks shares have been under pressure this week on worries over their exposure in eastern Europe from currency falls and from weakening of the economies there.
Italy's Intesa bank to seek govt support: report
Italian bank Intesa Sanpaolo plans to draw upon government bailout funds for struggling lenders hit by the world financial crisis, its boss was quoted as saying on Saturday.
"I think so," the head of the bank Corrado Passera was quoted as saying by the ANSA news agency, when asked if his bank would be making use of the government scheme. He said the move would be approved at a board meeting on Friday.
In Germany meanwhile, Chancellor Angela Merkel said on Saturday that the government would take control of the struggling mortgage lender Hypo Real Estate, but would pay no more than the market price.
"The government must be careful how it spends taxpayers' money," she said on Deutschlandfunk radio.
Under a plan approved in November, the Italian government agreed to support banks by buying their bonds, injecting up to 12 billion euros on condition that banks unfreeze their lending to stimulate economic activity.
"I think that these bonds can contribute to eliminating distortions in competition which have been created with a great many banks benefiting from major (government) support," Passera was quoted as saying.
Credit ratings agency Standard and Poor's this week downgraded Intesa Sanpaolo's rating, largely due to its exposure to loans in crisis-hit eastern European countries.
Agence France-Presse - 3/14/2009
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