Bank : What's next for Italian banks?

The Italian government's announcement, early August, of a new exceptional tax for the banking sector sparked market jitters. However, the initial estimates of the expected impact were soon revised downwards, and ultimately, the stress remained contained, as reflected in the stabilised BTP-Bund spread. - The announcement came at the close of an excellent interim earnings season, with significant operating levers, intact asset quality, strengthened solvency positions and often raise...