Brussels to target restrictions on takeovers of local banks

European Commissioner for the Internal Market Charlie McCreevy will tell Finance Ministers meeting on 8 November 2005 that the Commission will issue a proposal in 2006 that would make it harder for national governments to protect domestic banks from foreign takeovers. The move follows the controversy over Antonio Fazio, Governor of the Bank of Italy who was widely criticised for helping a domestic bank win a takeover battle with ABN Amro of the Netherlands for control of another Italian bank.