Bank of Italy calls for action on usury ruling

Italy's central bank called for the government to take urgent action to soften the impact of a court ruling that could force banks to pay as much as 50 trillion lire to consumers who paid too much interest on home loans.

"In our opinion urgent clarification is needed to remove serious risks" to Italy's financial system, Bank of Italy governor Antonio Fazio wrote in a letter to Treasury Minister Vincenzo Visco. The letter was published on the Treasury's website.

The Bank of Italy estimated that

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