New York

IMF says Italian financial system resilient

Stable but not 0immune to risks,' says monetary organization

IMF says Italian financial system resilient

New York, March 26 - Italy's financial system has shown "considerable resistance" to the European economic crisis and the country's own lingering recession, the International Monetary Fund said in a report Tuesday. But even though the system is stable, it is not immune to the risks it faces from continued economic weakness that will likely lead to rising loan losses, the IMF added after an official visit to study Italy's financial system. That means banks should increase their loan-loss provisions in case of worse times ahead, suggested the IMF. It added that the "strong" supervision of the country's financial system by the Bank of Italy has been one of the essential pillars of its stability.

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