Bank of Italy share capital revalued

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The Italian government has rewritten the Bank of Italy's (BI) statute in order to increase the value of the central bank's shares from €156,000 ($211,954) to €7.5 billion, upsetting the European Central Bank (ECB) in the process.

The Bank of Italy is predominantly owned by the country's commercial lenders. The central bank insisted the shareholder-based model of governance "should be preserved" but expressed concern over the concentration of shares in the hands of the largest banking groups.

The

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