BREAKING NEWS

Italy bank group prepares to sue European Banking Authority

By REUTERS

DECEMBER 11, 2011 19:04

ROME - The head of the Italian Banking Association (ABI) on Sunday threatened to sue the European Banking Authority over rules announced last week obliging Italian lenders to plug a capital shortfall set at 15.37 billion euros ($20.54 billion).

"ABI will follow every path possible, including the legal one, to oppose the EBA's decision," Giuseppe Mussari told a banking conference in Rome.

EBA's assessment of banks' capital requirements was "wrong in its method and its conclusions, and does not take account of the specific factors affecting Italian banks," Mussari was quoted as saying by Italian news agency ANSA.

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