Bank of Italy defended savings, acted in concert with government: sources

ROME (Reuters) – The Bank of Italy acted to protect peoples’ savings and limit damage from the banking crises in recent years and was in constant contact with the government, sources at the central bank said on Tuesday.

“In these years marked by the worst economic crisis in Italy’s modern history, (the central bank) defended the savings of the nation and limited damages,” one of the sources said.

The comments follow criticism by Italy’s ruling Democratic Party (PD) of Bank of Italy governor Ignazio Visco, whose mandate, which expires in less than two weeks, could be renewed.

The center PD, led by former prime minister Matteo Renzi, presented a motion to parliament on Tuesday urging the government to find a Bank of Italy governor who is “the most suitable to guarantee renewed trust” in the central bank.

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