Arrivederci for Italian retail sub debt?

摘要

The imposition of a ban on the sale of bank subordinated debt to Italian retail investors would take away a key source of capital for the sector at a time when regulators are heaping pressure on lenders to fortify their balance sheets. The ban is being discussed at the highest political level, with Italy's parliament, the Bank of Italy and the regulator Consob expected to announce a decision in coming days. Such a move would be a blow for Italian banks, which have long leaned heavily on retail networks to raise debt. Some €237.5bn of domestic bank debt was held by households at the end of 2014, according to the Bank of Italy.