EU plans Bank of Italy legal action

The European Commission will begin legal action against the Bank of Italy next month over its handling of recent bank mergers involving foreign bids, Internal Market Commissioner Charlie McCreevy said on Thursday 24 November.

"I have not signed the letter yet but I expect to do so before Christmas for the start of proceedings" against the Italian central bank, McCreevy said on the sidelines of a mortgage industry conference.

The development comes after Dutch bank ABN Amro said the Bank of Ital