Last year’s amendments to the Civil Code have removed some of the structural causes of this problem. Hopefully, additional reforms in the near future can shorten or eliminate some of the terms for foreclosure procedures and streamline asset sale procedures, possibly via electronic instruments. Governance – The Bank of Italy has long seen and signalled the need for substantial progress in banks’ governance.
Within the limits of our powers, we have acted to strengthen the cooperative banks and induce them to make changes considered indispensable. We have asked them, like all the other banks, to upgrade the membership and improve the functioning of their boards of directors, so as to improve their capacity for governance. We have introduced rules on executive compensation, based on European regulations.