Italy's Gold


#1

Oh ok. But most of Basel III has already been implemented by now, and the markets have long expected the banks to report their figures under Basel III since 2013. Certainly for the Irish banks.

Of more immediate interest may be Draghi’s dictates around Italian gold:

Italy’s populist de facto leader Matteo Salvini seems set on shaking Europe’s financial establishment to the core.

One day after the Italian deputy prime minister and leader of the League party, called for the elimination of Italy’s central bank and the country’s financial regulator, Consob, saying the two institutions should be “reduced to zero, more than changing one or two people, reduced to zero”, or in other words eliminated, and that “fraudsters” who inflicted losses on Italian savers should “end up in prison for a long time”, Salvini prompted fresh shocked gasps in Brussels and Frankfurt when he raised the possibility of seizing Italy’s massive gold reserves away from the country’s central bank.

“The gold is the property of the Italian people, not of anyone else,” Salvini said in comments to reporters on Monday, [according to the FT]

https://www.zerohedge.com/news/2019-02-11/salvini-suggests-seizing-control-italys-gold-reserves-central-bank

Countries must seek ECB approval to manage gold reserves: Draghi

FRANKFURT, March 28 (Reuters) - The European Central Bank needs to approve any operation in the foreign reserves of euro zone countries, including gold and large foreign currency holdings, the ECB’s President Mario Draghi said on Thursday.
“The ECB shall approve both the operations in foreign reserve assets remaining with the NCBs (national central banks)…and Member States’ transactions with their foreign exchange working balances above a certain threshold,” Draghi told two Italian members of the European Parliament.

https://www.reuters.com/article/ecb-reserves-draghi-idUSF9N1XJ02N


Britain leaving the European Union.
#2

As I was saying - watch the Gold (anywhere).