From the point of view of the Bank of Italy, the uncertainties surrounding the evolution of Banca Antonveneta’s ownership structure threatened to destabilize its management policies, thereby undermining the effectiveness of the ongoing internal reorganization and enhancement of the bank’s balance-sheet assets; this process had been initiated recently by the management in order to solve the considerable operating and organizational problems from which Antonveneta had been suffering for some time;the consolidated profit and loss account for 2003 closed with a loss of € million, partly as a result of substantial value adjustments to loans.
In 2004 it showed a profit of € million. Against this background of uncertainty, ABN Amro and BPL were repeatedly urged to reach an agreement that would ensure the sound and prudent management of Banca Antonveneta.