Rome

'No risk of Cyprus contagion in Italian banks' says ABI

Banking association says only 'minimal exposure'

'No risk of Cyprus contagion in Italian banks' says ABI

Rome, March 18 - The Italian Banking Association (ABI) on Monday ruled out "a risk of contagion" from the situation in Cyprus. In a statement, ABI said Italian lenders "are in a very solid position, and judging by the data from BIS (Bank for International Settlements) they are only minimally exposed to Cyprus, under a billion euros. "With that in mind we have the utmost certainty in excluding the risk of contagion". Cyprus announced at the weekend that it would seize money from bank accounts to comply with European bailout conditions, sending shockwaves across European markets and leading to a rush of bank withdrawals in Cyprus. Milan's FTSE-Mib index opened Monday down 2.85% at 15,600 points, with Italian banks taking the brunt, before recuperating 270 points later in the day.

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