Italian Government wanting to nationalise the central bank and take ownership of the gold

I had blogged on Italian government wanting the gold managed by the central bank.

They have prepared a draft law and asked ECB for its view:

The draft law on Banca d’Italia’s ownership structure provides that the capital shares of Banca d’Italia currently held by private sector entities shall be purchased by the Ministry of Economy and Finance at a nominal value of 1000 lire as set by specified provisions of Italian law dating from the 1930s.

The draft law further provides that, after such transfer, the Ministry of Economy and Finance may transfer its shareholding, or part of it, only to public sector entities. A governmental delegated regulation to be enacted within three months from the entry into force of the draft law will regulate the procedures for transferring the shares.

…..

The explanatory note states that, without prejudice to compliance with international obligations deriving from the Treaties, spelling out explicitly that the ownership of the gold reserves remains with the Italian State seems necessary in light of the hybrid nature acquired by Banca d’Italia over time due to several
legislative interventions. The reference to the hybrid nature of Banca d’Italia seems to refer to the Banca d’Italia’s nature as a public law institution predominantly owned by private sector entities.

Battles continue..

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Google photo

You are commenting using your Google account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s

This site uses Akismet to reduce spam. Learn how your comment data is processed.


%d bloggers like this: