Cardinal joins clamour for Bank of Italy chief's head

Giovanni Battista Cardinal Re

Function: Prefect of Bishops, Roman Curia

Title: Cardinal Priest of St Patrick

Birthdate: Jan 30, 1934	Country: Italy

Elevated: Feb 21, 2001	More information: www.catholic-hierarchy.org

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Cardinal joins clamour for Bank of Italy chief's head
Dec 20, 2005
The Vatican has become embroiled in the scandal surrounding Antonio Fazio, the embattled Governor of the Bank of Italy, after it emerged that a senior figure within the Holy See had been asked to persuade the banker to step down.

(The Times, December 19, 2005) Reports in Italy claimed that Cardinal Giovanni Battista Re had been asked to “bring his influence to bear” to help to persuade Signor Fazio, a devout Roman Catholic, to step down.

The cardinal joins a growing number of critics, including Gianfranco Fini, the Foreign Minister, and Giulio Tremonti, the Economy Minister, in calling for Signor Fazio to resign. Moves to oust him are expected to start at a cabinet meeting tomorrow.

Last week magistrates in Milan inquiring into bank takeover scandals placed Signor Fazio under criminal investigation over alleged insider trading.

He is already under investigation in Rome, accused of abuse of office after allegedly blocking a bid for Banca Antonveneta by ABN Amro, the Dutch bank, as a favour to a rival Italian bidder, his close friend Gianpiero Fiorani, the former chief executive of Banca Popolare Italiana. Signor Fiorani was arrested last week on fraud charges and was questioned for four hours at the weekend.

Signor Fazio has refused to resign, saying that he had always respected the law and had “an absolutely clear conscience”.

Signor Tremonti will propose tomorrow that the Italian parliament should exercise joint control with the Bank of Italy over the post of governor. At present the Bank alone has power to replace its chief.

Potential successors are said to include Tommaso Padoa-Schioppa, a former member of the European Central Bank board, Vittorio Grilli, director-general at the Treasury, and Mario Monti, a former European Commissioner.

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