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Ministry of Economy and FinanceBANCA DEL SUD - TREASURY: THERE WAS NO CONTROVERSY AT THE CABINET MEETING

Press Release N° 148 of 10/09/2009

We apologise for having disappointed those who, having hoped on the flaring of differences, have quite simply invented them. There have been no raids and therefore no delays. Today, at the start of the cabinet meeting, the minister for the economy and finance, Giulio Tremonti, called for a discussion concerning Banca del Sud in application of Decree 112 of 2008. Following the preliminary debate, the draft bill was forwarded to the legislative office of the Prime Minster's Office at Palazzo Chigi for the preparatory meeting ahead of the cabinet meeting proper scheduled for next Thursday. Banca del Sud is envisaged to be a private law entity and as such it cannot be mistaken with those public sector tools and interventions that go under the heading of "Plans for the South," for such tools and interventions are currently being developed at Palazzo Chigi. Thus, once the terms of the question were clarified - what pertains to the public sector and what pertains to the private one - there were was no controversy and no need to mediate positions.

Rome 10/09/2009

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