In 2010 and 2012 two inspections of the Cassa di Rispamio di Chieti group found problems of disorderly growth, irregularities, and poor management. The Bank of Italy ordered the subsidiary’s merger into the parent group and the removal of the Chief Executive Office, who also held the position of Managing Director of the Cassa di Risparmio di Chieti.
Many larger retailers opted to round down; a few small retailers opted to round up. Ultimately, there was no noticeable effect on inflation in New Zealand. Indeed, that has been the international experience that we have seen. In both Australia and New Zealand, the elimination of small coins (one-cent and two-cent coins) has had no noticeable effect on inflation.