The European Commission will open legal action against the Italian central bank next month over its handling of recent bank mergers involving foreign bids, Internal Market Commissioner Charlie McCreevy said today.
"I have not signed the letter yet but I expect to do so before Christmas for the start of proceedings," Mr McCreevy told Reuters on the sidelines of a mortgage industry conference.
Dutch bank ABN Amro complained to the European Union executive alleging that the Bank of Italy had illegally favoured a rival Italian bidder for the domestic lender Banco Antonveneta.