The cooperative form has deterred assessment of these banks by investors and impeded their ability to access the capital market swiftly, a crucial factor at times for coping with external shocks. The reform will facilitate efficient credit intermediation in a market made more competitive by Banking Union.
The need for the banking foundations to perform their role of shareholder while respecting the investee banks’ management autonomy and to diversify their investments is a point that the Bank of Italy has stressed for some time.