The Italian Banking System is governed by the provisions of the Legislative Decree No. 385 of 1st September 1993, as amended and supplemented also recently by the Legislative Decree No. 342 of 4th August 1999 (the "Banking Law").
The Banking Law sets out provisions relating to:
- the credit authorities;
- the banks;
- the control on the banking business;
- the crisis of the banks and the banking groups;
- the other entities operating in the financial sector;
- the transparency of the contractual terms and conditions;
- the issuance of securities and the sanctions.
Credit Authorities
The Italian banking system is subject to the control of three bodies known as the Credit Authorities. These are the Treasury Minister, the Interministerial Committee for Credit and Savings - CICR (Comitato Interministeriale per il Credito e il Risparmio) and the Bank of Italy.
