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Italy’s Watchdog Probes Banks Over Debt Support

By  |  June 11, 2020

Italy’s antitrust regulator announced it was probing four financial firms, including the country’s top two banks, for allegedly withholding information and imposing unnecessary conditions on borrowers who wanted to access coronavirus support measures. 

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    The regulator said UniCredit, Intesa Sanpaolo, Banca Sella, and consumer credit group Findomestic were suspected of making it harder for businesses and households wanting to access State measures to help them through the pandemic crisis. 

    In a statement on Thursday, June 11, the regulator also said the banks may have failed to provide clear information regarding the eventual increase in interest payments stemming from payment suspensions under debt holiday schemes.

    The authority stated it was exercising “moral suasion” towards another 12 financial institutions – including state-owned bank Monte dei Paschi di Siena and rivals UBI Banca and Banco Popolare – after finding similar shortfalls in the information provided to customers about the timing and cost of the loans.

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