Italy’s Treasury units up new division for state-run firms

ROME, March 16 (Reuters) – Italy authorized on Thursday a decree to create a brand new division on the financial system ministry accountable for managing state-controlling firms reminiscent of vitality teams Enel (ENEI.MI) and Eni .

Economic system Minister Giancarlo Giorgetti introduced the scheme in January as a part of efforts to tighten the federal government’s grip on key firms coping with among the most delicate company points going through Italy.

“It is a crucial step that goes in the direction of rationalising the system according to the brand new financial occasions,” Giorgetti stated on Thursday.

Underneath the scheme, the influential Treasury division inside the ministry, led by veteran economist Riccardo Barbieri, will proceed to oversee public debt administration, macroeconomic insurance policies, European and worldwide relations in addition to monetary regulation.

The newly created “financial division” could have its personal director basic and can deal with the decision-making course of relating to state-controlled corporations, public belongings and public ensures on banking loans.

It’ll additionally oversee merger offers involving firms deemed of strategic significance.

Antonino Turicchi, the chairman of nationwide airline ITA Airways, had been seen as a possible candidate to steer the brand new construction, however some political sources have stated he’s not within the job.

Marcello Sala, not too long ago appointed director for investor relations on the Treasury, is believed to have been shortlisted for the place together with Paolo Ciocca, a board member of market watchdog Consob.

The reorganisation plan requires time to be carried out and the brand new director basic will solely take workplace after the upcoming spherical of key nominations at Treasury-owned teams, authorities sources stated.

The boards of Eni and Enel, bailed-out financial institution Monte dei Paschi (BMPS.MI) (MPS), defence group Leonardo (LDOF.MI) and energy grid Terna (TRN.MI) are due for renewal within the coming few weeks.

Rome is anticipated to determine on the chairperson and CEO positions of those corporations by the top of subsequent week, authorities sources stated.

Reporting by Giuseppe Fonte; Enhancing by Crispian Balmer

Our Requirements: The Thomson Reuters Belief Rules.

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