Italy's co-operative banks should seek parent's OK on big loans: ECB

September 5, 2016 10:29 AM

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FRANKFURT, Sept 5 Co-operative banks in Italy should seek approval from their parent company before granting large loans, the European Central Bank said on Monday.

The comment is part of a legal opinion on a Bank of Italy's circular implementing the Italian government's reform of co-operative lenders, aimed at making that part of the Italian banking system more efficient and safe.

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