The Path to Recovery: Concerted Structural Changes and Investments in Infrastructure
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2010
“The Path to Recovery:
Concerted Structural Changes and
Investments in Infrastructure”
HONORARY CHAIRMAN OF THE CONFERENCE
The Italian Ambassador
H.E. Alain Giorgio Maria Economides
PRESIDENT OF THE ITALIAN CHAMBER OF COMMERCE
Leonardo Simonelli Santi
CHAIRMEN OF THE CONFERENCE
Professor Robert Leonardi
London School of Economics and Political Science
Vincent Boland
Lex Writer, Financial Times
PANEL
Sir Win Bischoff
Chairman, Lloyds Banking Group plc
Giampaolo Galli
Director General, Confindustria
Lee Hopley
Chief Economist, EEF
Angela Knight CBE
Chief Executive, British Bankers’Association
Massimo Roccia
ABI – Associazione Bancaria Italiana
Direttore Centrale Area Business
Paolo Romiti
Domestic and International Business Development Director
Impregilo SpA
Simone Urbani Grecchi
Chief Manager – London Representative Office
Banca Infrastrutture Innovazione e Sviluppo
GUEST OF HONOUR AT LUNCH
Lord Wallace of Saltaire
The Government Spokesperson for the Department
for Education, the Foreign and Commonwealth Office,
the Department for Business, Innovation and Skills,
the Ministry of Defence and Government Whip
1HONORARY COUNCIL
THE ITALIAN CHAMBER OF COMMERCE
AND INDUSTRY FOR THE U.K.
Honorary President H.E. Alain Giorgio Maria Economides
Italian Ambassador
Presidential Council Sir Win Bischoff
Lord Thomas Bridges
Lord David Currie
Lord Ralf Dahrendorf
Lord Ezra of Horsham MBE
Sir Paul Girolami
Mark Garvin
Sir Jan Lewando
Michael Ancram – The Marquess of Lothian, PC QC
Brian C. Mck. Henderson
Lord Paul of Marylebone, PC
Kevin McNamara
Sir Hugh Rossi
Paolo Scaroni
Sir Derek Thomas
Honorary Vice President Marco Mancini
First Counsellor, Italian Embassy
Honorary Councillors Salvator Roberto Amendolia
Scientific Attaché, Italian Embassy
Massimo Capuano
Borsa Italiana SpA
Stefano Carcascio
UK Representative, Banca d’Italia
David Crackett
Partner, Deloitte Touche SpA
Benito Fiore
A T Kearney Ltd
Simone Lavarini
Chairman, Spaghetti House Ltd
John J Law
President, The British Chamber of Commerce Milan
Robert Leonardi
London School of Economics and Political Science
Carlo Presenti
Director, Italian Cultural Institute
Valerio Scoyni
Director, ENIT – United Kingdom & Republic of Ireland
Uberto Vanni d’Archirafi
Consul General, Italian Consulate General
Peter Wood/Ronald Farrants
BILA British Italian Law Association
Honorary Auditors Paride Di Giorgio
Pariola Ltd
Roberta Crivellaro
Studio Legale Associato con Withers LLP
2COUNCIL OF MANAGEMENT
THE ITALIAN CHAMBER OF COMMERCE
President Leonardo Simonelli Santi
Managing Director, Etrufin Reserco Ltd
Senior Vice President Carlo Colombotti
International Legal Consultant
Vice Presidents
Banking: Stefano Burani
General Manager and Head of EMEA, Intesa Sanpaolo SpA,
London Branch
Industry: Alberto Bertali
Non Executive Chairman, Hoover Candy Group
Eduardo Teodorani-Fabbri
Corporate Senior Vice President, CNH UK Limited
Services: The Hon Sir Rocco Forte
Chairman, The Rocco Forte Collection
Treasurer: Dario Mancini
General Manager, Banco Popolare Sc, London Branch
Councillors
Anthony Airs General Manager, Banca IMI SpA, London Branch
Luciano Cenedese Head of Corporate Banking/GTB London, Unicredit Group
Giuseppe D’Anna Chief Executive Officer, Power Consulting Company Ltd
Alberto De Benedictis Chief Executive, Finmeccanica UK Ltd
Silvia Fazio Partner, Collyer-Bristow LLP
Richard Gadeselli Chairman, FIAT UK
David Godfrey Consultant, Hill Dickinson LLP
Andrew Humberstone (Alternate) Managing Director, Fiat Group Automobiles UK Ltd
Paolo Lo Monaco (Alternate) Finance Director, Fiat Group Autombiles UK Ltd
Roberto Pollara (Alternate) General Manager, Unicredit SpA, London Branch
Franco Polo Managing Director, ENI UK
Maria Sacconi Area Manager, Northern Europe, Alitalia SpA
Antonio Tomassini Director, Euro Catering Foods Ltd
Enrico Vignoli General Manager, Banca Monte dei Paschi di Siena,
London Branch
Helen Girgenti Secretary General
Neil Scott & Company Auditors
3PROGRAMME
“THE PATH TO RECOVERY:
CONCERTED STRUCTURAL CHANGES AND
INVESTMENTS IN INFRASTRUCTURE”
8.30 Registration and Coffee in the Library and Court Room
8.55 Call to Conference in the Banqueting Hall
FIRST SESSION
9.00 President’s welcome
Dott Leonardo Simonelli Santi
President, The Italian Chamber of Commerce and Industry for the UK
Welcome from the Italian Ambassador to the Court of St. James’s
H. E. Alain Giorgio Maria Economides
9.20 Opening address by the Co-Chairman of the Conference
Professor Robert Leonardi
London School of Economics and Political Science and Director of
the Social and Economic Cohesion Laboratory
9.30 Speakers:
Angela Knight CBE
Chief Executive
British Bankers’Association
Massimo Roccia
ABI – Associazione Bancaria Italiana
Direttore Centrale Area Business
Lee Hopley
Chief Economist, EEF
10.30 Coffee break in the River Room
4SECOND SESSION
11.00 Opening address by the Co-Chairman of the Conference
Vincent Boland
Lex Writer, Financial Times
11.10 Speakers:
Simone Urbani Grecchi
Chief Manager – London Representative Office
Banca Infrastrutture Innovazione e Sviluppo
Paolo Romiti
Domestic & International Business Development Director
Impregilo SpA
Sir Win Bischoff
Chairman
Lloyds Banking Group plc
Giampaolo Galli
Director General
Confindustria
12.10 Q&A
12.30 Summary
12.40 Cocktails in the River Room
13.15 Luncheon in the Banqueting Hall
Guest of Honour: Lord Wallace of Saltaire
The Government Spokesperson for the Department
for Education, the Foreign and Commonwealth Office,
the Department for Business, Innovation and Skills,
the Ministry of Defence and Government Whip
15.00 Luncheon ends
5BIOGRAPHIES
SIR WINFRIED (WIN) BISCHOFF
Sir Win Bischoff was appointed Chairman of Lloyds Banking Group Plc on 15 September 2009.
He was Chairman of Citigroup Inc. from December 2007 – February 2009 and served as its
acting Chief Executive Officer from November – December 2007.
He joined Schroders in January 1966 and was appointed Group Chief Executive of Schroders
plc in December 1984 and Chairman in May 1995. Following the acquisition of Schroders’
investment banking business by Citigroup in April 2000, he became Chairman of Citigroup
Europe. He retired from Citigroup in September 2009.
He was awarded a knighthood in the New Year Honours list in 2000 for services to the
banking industry. He was Co-Chairman with the Chancellor of the Exchequer, Alistair Darling
MP, of a Report on “UK International Financial Services – the future” (September 2008 – May
2009). He is Chairman of the Advisory Council of The CityUK, the body set up to promote
the financial and associated professional services industry of the UK following that report.
In the United States, he is a director of Eli Lilly and Company, and The McGraw-Hill
Companies Inc. He is Chairman of Career Academies UK and a member of the International
Advisory Board of Akbank TAS, Turkey.
His previous directorships include Cable & Wireless plc (1991 – 2003), IFIL – Finanziaria di
Partecipazione SpA (1999 – 2004), Siemens Holdings Plc (2001 – 2003), Akbank TAS, Turkey
(2007 – 2008), Land Securities plc (1999 – 2008) and Prudential plc (2007 – 2009).
VINCENT BOLAND
Vincent Boland joined Lex in 2010, based in London. Lex is the oldest and arguably the most
influential business and finance column in the world. Appearing daily on the back page
of the Financial Times, Lex sets the agenda on everything from company analysis and
macroeconomics to financial markets to critical trends of the day. Written with a sharp and
authoritative yet often humorous voice, the column is unconflicted and fiercely guards its
editorial independence.
Vincent has been a foreign correspondent for the FT in Prague, Ankara and Milan, and
covered international capital markets between 1997 and 2003 in London and New York, most
recently as capital markets editor.
He graduated with a degree in French and History from University College
Dublin and worked for Bank of Ireland in the 1980s, including five years
in private client investment management. He joined the FT in 1994 after a
period at The Irish Times.
7GIAMPAOLO GALLI Professor Giampaolo Galli was born in Milan on 13 March 1951. He holds a First-class honours degree with special mention in Political Economics awarded by the Bocconi University of Milan in1975. PhD in Economics in 1980, awarded by MIT (Cambridge, Mass.), where he conducted research with Franco Modigliani and Robert Solow on the Theory of Risk and Financial Systems. In 1979 he conducted research at the International Monetary Fund in Washington. From 1980 to 1992 he was with the Bank of Italy’s Study Service, working in the areas of the monetary market, econometric research and economic forecasts. From 1992 to 1995 he was the Head of the International Department of the Study Service, studying international monetary relations within the EMS and with other principal areas, and representing the Bank of Italy at a number of international organisations, including the European Union Monetary Committee, the OECD Economic Policy Committee, the G10 Committee of Alternates. From March 1995 to February 2003 he was the Chief Economist at Confindustria. From March 2003 until January 2009 he held the position of Director-General, ANIA (National Association of Insurance Companies). During the period 1995 to 2003 he was a Member of the National Institute of Economic Research (London); Advisor to the Monetary and Financial Affairs Commission of the European Parliament regarding European monetary policy issues; Member of the EMU Monitor, Frankfurt (with P. Artus, E. Bomhoff, M. Neumann and J.Von Hagen); Member of the Group of Economic Advisors to the President of the European Commission. He has been a Lecturer in Econometrics, Monetary Policy and Economic Policy at the Bocconi University of Milan, La Sapienza University of Rome and the Luiss-Guido Carli University. He has written numerous articles for newspapers and scientific journals. He is currently the Director-General, Confindustria, a Lecturer in Insurance Economics and Finance at the Luiss-Guido Carli University (Rome) and a Councillor for CNEL (National Council for Economics and Labour). LEE HOPLEY Lee Hopley has worked as an Economist at EEF for the past eight years. As Chief Economist she leads EEF’s work on the economy and industrial policy. This encompasses both macro-economic issues and matters relating to productivity and competitiveness. Lee coordinates the department’s work on issues including skills; investment; tax; innovation; energy and oversees the department’s economic forecasting. She is responsible for developing and communicating EEF’s policy thinking to members, the media, the government and other key policy formers. Lee also represents EEF on UKTI’s Advanced Engineering Advisory Board and is a member of the Economic Monitoring Panel at the Department for Business. Before joining EEF, Lee worked as an Economic Advisor to the Scottish National Party in both the Scottish Parliament and the House of Commons. Lee graduated from Edinburgh University with a Masters degree in Economics. 8
ANGELA KNIGHT CBE
After leaving Bristol University with an honours degree in chemistry, Angela worked for the
American industrial gas company Air Products Ltd. She was the product development
manager for the application and sales of nitrogen as an inert carrier during the treatment of
ferrous metal components.
She went on to set up and was Chief Executive of a specialist contract heat treatment company
treating precision engineering components – Cook & Knight Metallurgical Processors Ltd –
and associated process plant manufacturing company.
From 1987 to 1992 she was Councillor and Chief Whip on Sheffield City Council. She entered
Parliament in 1992 as MP for Erewash and was Economic Secretary to the Treasury between
1995 and 1997, when she lost her seat at the General Election. She was the Chief Executive
of the Association of Private Client Investment Managers and Stockbrokers from September
1997 to December 2006.
She is currently the Chief Executive of the British Bankers Association. She is also a non-executive
director on the boards of Brewin Dolphin plc and the Financial Services Skills Council.
ROBERT LEONARDI
Robert Leonardi is Director of the Economic and Social Cohesion Laboratory at the London
School of Economics and Visiting Professor in European Public Policy in the School of
Government, LUISS University in Rome. In the past he has taught in Italy at the Johns Hopkins
Bologna Centre, European University Institute, University of Florence, University of
Bologna, Carlo Cattaneo University in Varese, University of Messina, University of Catania.
Abroad he has lectured on European affairs at Stanford University, University of Rio di Janeiro
and Sao Paolo in Brasil, University of Barcelona, University of the Algarve and Pantion
University in Athens.
During the last twenty years he has carried out numerous research projects for the Commission
of the European Union, national governments, regional governments and local authorities.
His most recent research project (2010 – 2011) for the European Commission looks at:
“The Impact of the Single Market on Cohesion.” His latest books are: The Cohesion Policy of
the European Union: The Making of Europe (London, Palgrave, 2005); The Dynamics of
Federalism in National and Supranational Political Systems (London, Palgrave, 2007); La sfida
di Napoli: Capitale sociale, sviluppo e sicurezza (Milan: Guerini, 2008); Orizzonte globale
dello sviluppo locale: Sfide e opportunità degli investimenti esteri per il territorio fiorentino,
(Milan: Franco Angeli, 2009) and Effetto regione in Basilicata: Le sinergie dello sviluppo,
(Milan: Franco Angeli, 2010).
He is a member of the British Academy of the Social Sciences and serves on the Scientific
Committee of the Bonino-Pulejo Foundation in Messina. He has served
in an advisory capacity for national, regional and local governments in
Italy and other countries of Southern Europe on European policies.
In 2008 – 2009 he served as Director General in the Sicilian Regional
Administration and currently is a member of the Cabina di Regia for the
evaluation of investment projects in Sicily.
9MASSIMO ROCCIA Massimo Roccia was born on 20th June 1962 in Rome, where he lives with his wife and two daughters. He has been working at the Associazione Bancaria Italiana (Italian Banking Association), the official representative body of the Italian Banking Industry, focussing on economic and regulatory issues since 1986. In September 2007 he was appointed Managing Director of the new Retail Area. From January 2005 – August 2007 he was Managing Director of the Internal Resources Area. This department ensures standard methods of strategic planning, management, administration and control, aimed at the allocation and most effective and efficient use of human, technological, real estate and financial resources. Since September 2003, he has been the Secretary of the PattiChiari Consortium, a separate legal entity from ABI whose strategic aim is to provide customers with simple comparison tools and financial education programs to help them to better understand financial products and make informed choices. From May 2001 – August 2007 he was Director of the Economic and Planning Division and prior to that from December 2000 the Director of the “Banks & Society” Project, a project team dedicated to designing the industry’s strategy for the management of the industry’s reputation and quality in the field of retail financial services. From 1st January 1999, he was the Director of the Economic Department. He has been a Member of the “Economic & Monetary Affairs Committee” of the European Banking Federation representing the Italian Banking Industry since 1998 and since 1993, a Director of the European Banking Report group, an independent think tank entirely dedicated to analyse strategic, economic and regulatory trends of the European banking industry, a group established by ABI together with more than 50 large financial institutions and universities world-wide. He has been a lecturer at the MBA programme of Luiss-Guido Carli University in Rome (“Economics of Financial Intermediation”) since 1995. In addition, he is the author of books and publications on banking and financial matters (“Posizionamento e competitività dell’industria bancaria italiana in Europa,” 2007, “Scenario strategico e trends nel mercato bancario europeo: vincoli, opportunità e minacce per le piccole e medie banche,” 2002, “Modelli di organizzazione e di coordinamento dei diversi business bancari,” 2002). From 1992 – 1995 he was a lecturer at the University of L’Aquila (“Money and Banking” and “Economics of Financial Markets”). In 1991 he attended Wharton Financial Education Institution Center, Wharton School, University of Pennsylvania, carrying on research projects in the area of bank capital allocation models. In 1986 he was a financial analyst for one of ENI’s financial subsidiaries. 10
PAOLO ROMITI
Paolo Romiti was born in 1960 and holds a Masters Degree in Mechanical Engineering from
Università Politecnico, Milan.
He is the Domestic & International Business Development Director (Civil Contracting,
Concessions, Engineering and Contracting) of Impregilo SpA, a position he has held since 2003.
For two years previously he was the International Business Development Director.
From 1998 to 2001 he was Director of Sales & Marketing, Strategic Planning and External
Relationships, Fisia Italimpianti SpA. (desalination and environment protection plants
engineering and contracting).
Other roles since 1998 have included Deputy Chairman of the International Permanent
Committee of the National Association of Civil Contractors (ANCE); Board Member of the
General Contractors Association (AGI); Board Member and Executive Committee Member of
the National Association of the Environment Protection Industries (ANIDA); Board Member
of the MITECO Consortium (construction of highways in Lombardy, Italy); Chairman of the
Pedemontana Veneta SpA Consortium (construction of highways in Veneto, Italy); Board
Member of Fisia Italimpianti SpA (desalination and environment protection plants engineering
and contracting); Board Member of Nuova Romea SpA (concession of highways in Emilia
Romagna, Italy); Board Member of Nitco SpA (desalination and industrial
plants maintenance); Board Member of Sagit Srl (construction, Italy). Between 1987 – 1997
he held various positions with INNSE Innocenti Santeustacchio SpA (Italimpianti/Finsider
Group), Ansaldo Energia SpA and Ansaldo Industria SpA (Finmeccanica Group).
LEONARDO SIMONELLI SANTI
Leonardo Simonelli was born in Siena in 1939. Following a First Class Honours degree in
Physics and Chemistry, post-graduate studies included Research Associate Fulbright Scholarship
at Illinois University, a business administration course at Illinois University and IBJ Tokyo and
a MA from Birbeck College.
In 1969 he was appointed Adviser to IMI Istituto Mobiliare Italiano for the financing of applied
research projects and the setting up of the research department. In 1972 he was a Foreign
Department Officer based in Brussels and in 1973 was made responsible for the Export Credit
Department in Rome. In 1977 he became Chairman of IMI’s UK subsidiary, and in 1984 was
responsible for IMI’s International Division.
In 1986 he established Etrufin Reserco Limited in the City of London where he continues to be
Managing Director. Etrufin offered financial services and representation to Italian regional banks.
He was elected President of Finest in 1993, an Italian financial services company specialising
in Central and Eastern Europe. His term of office expired in April 1999.
He was Chairman of the International Savings Banks in London from
1989-91 and Director of many Italian and international companies
(including I.I.C.Y., Interfund, Fonditalia and INSUD).
He served as Vice-President of the Italian Chamber of Commerce and Industry
11for the UK during the years 1986-96 and was appointed President in 1996. Additionally, in 1999
he was elected as a Director of Assocamestero, the organisation which groups together all the
Italian chambers of commerce abroad, and President of the European Area. In 2006 he was
nominated President of the Commissione Finanzia of Assocamestero and in 2010 was elected as
its Vice President.
He is President of Simonelli Santi Co SpA and from 2005 to 2009 served on the Board of
Directors of Monte dei Paschi Banca Personale. In 2007 he was invited to sit on the General
Council of the Fondazione San Matteo of the Vatican, the first Foundation to be established
by His Holiness Benedict XVI
SIMONE URBANI GRECCHI
Simone Urbani Grecchi was born in Turin in 1967 and has a degree in International Economics
from University of Milan and an EU Master in Environmental Economics.
He is Chief Manager at Banca Infrastrutture Innovazione e Sviluppo (BIIS), London, Intesa
Sanpaolo Group. He has been working with the Group since 2003 for both the Divisione
Commerciale Italia and International Division of BIIS. He worked previously in consultancy
for five years, acting as Marketing and Business Development Director at Black & Veatch and
serving as Head of Energy and Utilities Division at both Accenture and Arthur D. Little.
Prior to that, Simone worked at ENI Group for over three years in various different capacities.
He is marred to Elisa Minardi.
LORD WALLACE OF SALTAIRE
William Wallace (Lord Wallace of Saltaire) is the Coalition Government Whip in the House of
Lords responsible for foreign affairs, defence and education. In the last Parliament he was
Joint Deputy Leader of the Liberal Democrat Group in the Lords and Spokesman on Foreign
Affairs. He was also Emeritus Professor of International Relations at the London School of
Economics, where he taught full-time from 1995 – 2005.
He studied history at Cambridge University, and politics and international relations at Cornell
University. He was Director of Studies at the Royal Institute of International Affairs (Chatham
House) from 1978 – 1990, Walter F. Hallstein Fellow at St. Antony’s College, Oxford. He has
written on European international politics and transatlantic relations, as well as on British
foreign policy, on the links between foreign policy, history and national identity and on
political and constitutional reform. Policy-making in the European Union, with Helen Wallace
and others, is now in its sixth edition.
He joined the Liberal Party as a student in 1960. He fought five parliamentary elections in
Manchester and Yorkshire, and chaired the manifesto working group for the 1979 and 1997
elections. He was awarded an honorary degree from the Free University
of Brussels in 1992 and the French Legion d’Honneur in 2005.
12Torino, northwest Italy:
investment opportunities in
outstanding urban projects
Piermonte Agency presents
– The urban development plan “Variante 200”
– A comprehensive outlook of the business plan of the entire project
– An over view of the Torino real estate market and its future perspectives
The Mayor of Torino, Sergio Chiamparino, will attend the seminar
Wednesday 1 December 2010, 10.30am
DLA Piper, 3 Noble Street, London EC2V 7EE
To register: registration@centroestero.org
www.investintorinopiemonte.org
supported by
organising office14
Menu, Toasts
and Table Plans
15Menu
Wild Scottish salmon tartare with crème fraîche,
pea shoots and toast
*
Rack of Lamb with pea purée, baby vegetables
and mash potatoes
*
Homemade chocolate tart with
Valrhona chocolate sauce, confit strawberries
and raspberry nage
*
Coffee, tisanes and broken chocolate shards
Wines
Bisol Desidero Jejo Prosecco di Valdobbiadene, NV
Gavi DOCG 2008 Calissano, Alessandria
Montepulciano d’Abruzzo DOC Valentino,
Cantine Mucci 2008
16Toasts
The Queen
Proposed by
The Italian Ambassador
H. E. Alain Giorgio Maria Economides
*
The President of The Italian Republic and
the Heads of State of the countries here represented
Proposed by
The Worshipful the Mayor of Southwark
Councillor Tayo Situ
*
The Guests
Proposed by
President of The Italian Chamber of Commerce
and Industry for the UK
Dott Leonardo Simonelli Santi
*
Reply by
The Government Spokesperson for the Department
for Education, the Foreign and Commonwealth Office,
the Department for Business, Innovation and Skills,
the Ministry of Defence and Government Whip
Lord Wallace of Saltaire
17TABLE HOSTS
TABLE HOSTS Table Number
Banca IMI SpA – London Branch 14
Banca Monte dei Paschi di Siena – London Branch 18
Banca Popolare S.c. – London Branch 8
Carlo Colombotti International Consultants 5
Finmeccanica UK 6
Intesa Sanpaolo SpA – London Branch 15
Legance Studio Legale Associato 7
Pirola Pennuto Zei & Associati 9
Power Consulting Company Limited 12
UniCredit Group 16
1819
1 5 9 14 19
2 6 10 15 20
3 7 11 16 21
4 8 12 18 22 23
FOYERArthur Bolliger founded the first Bolliger company in
Rome in November 1909. His founding philosophy was
the establishment of a company based on the principle of
appreciation and care for peoples’ goods at a just price.
In the years that followed, Bolliger expanded its presence,
first in Europe, opening offices in Italy, Switzerland,
Great Britain, Spain and eventually in the United States.
Today, Bolliger world-wide boasts a fleet of over 450 employees,
200 vehicles and 70,000 square metres of modern
warehousing facilities. But despite phenomenal growth, the
fourth generation of the Bolliger family continues today to
keep faith in the principles established in 1909.
20Members and Guests
Surname Name Company Area of Activity and/or Title Table
Ago Francesco Chiomenti Studio Legale Partner 19
Airs Anthony Banca IMI General Manager, London 14
Albanese Chiara Freelance Journalist
Almadori Riccardo Banca Popolare di Spoleto SpA Private Banking 22
Almadori Aurora Italian Clinic Specialist 22
Arena Pier Carlo Intesa Sanpaolo SpA Direzione Large & International
Corporate, Milano 14
Arenare Tommaso Egon Zehnder International Consultant 22
Ascione Antonio SMS Engineering Ltd Vice President 4
Baccarini Pietro Banca di Romagna SpA Presidente 20
Bagnoli Mattia Bernardo ANSA UK Correspondent 6
Ballabio Monica Mediaset Resonsabile Finanza Operativa 10
Banfi Lorenzo Pirola Pennuto Zei & Associati Partner 9
Barbaglia Pamela Merger Market Journalist 2
Barbolla Francesco Camera di Commercio di Firenze Segretario Generale 20
Bartocci Bruno Legance Studio Legale Associato Partner 7
Bechmann Maren Luftansa
Bellocchi Francesca Italian Chamber of Commerce
for the UK Invest in Torino, Piemont
Bentivoglio Giampiero Publieurope Financial Controller 15
Bertali Alberto Hoover Candy Group Non Executive Director 10
Bevan John Bevan Kidwell Partner 22
Biancelli Francesco Ove Arup & Partners Associato 2
Bischoff Sir Win Lloyds Banking Group plc Chairman 11
Boland Vincent Financial Times Lex Writer 10
Bonetto Luca Chiomenti Studio Legale Associate 16
Boschi Emanuele Banca Etruria Organizzazione e IT 21
Bresner Davide Rapisardi Intellectural Property Avvocato 21
Bruni Mario Fiat Finance and Trade Ltd Director 15
Bruno Paola PMS SpA Consigliere e CFO 4
Burani Stefano Intesa Sanpaolo SpA General Manager, Head of EMEA Hub 10
Caissotti di
Chiusano Niccolò Dalton Strategic Partnership, DSP Advisor 9
Cajrati Alessandro Estate 4 Ltd CEO 5
Callegaris Donatella Kreos Capital Porfolio Executive 23
Canestro Massimiliano SMS Engineering Ltd Vice President 4
Capasso Rosangela SMS Engineering Ltd Managing Director 4
Capozzi Alessandra Intesa Sanpaolo SpA Italian Large Corporate 15
Caprarica Antonio RAI TV UK Correspondent 16
Caprioglio Matteo Studio Legale Caprioglio Partner 16
Capuano Massimo Borsa Italiana SpA Consigliere 10
Carcascio Stefano Banca d'Italia UK Representative 16
Carlone Giovanni Microsite Call Center Amministratore Generale 2
Carnevale Michael Alitalia
Carney Brad Citi Loan Sales 8
Caro Monica The Catholic Trust for England
and Wales Senior Development Officer 14
Carotenuto Giovanni Orrick, Herrington & Sutcliffe Of Counsel 4
Casale Roger Finmeccanica UK Consultant 6
Castellani Sarah Eti Italian Consulate General Consul 12
Castiglioni Francesca Legance Studio Legale Associato Responsabile Marketing 7
21Members and Guests
Surname Name Company Area of Activity and/or Title Table
Cenedese Luciano UniCredit Corporate Investment
Banking Head of Corporate Coverage 16
Ciaramella Domenico Legance Studio Legale Associato Managing Partner - Rome 7
Cidonio Matteo Aura Real Estate Partner 7
Cilloni Francesco Royal Bank of Scotland Director FI DCM Securitisation 18
Clarkson Stephen HSBC Bank plc Director 8
Cocozza Massima Chiomenti Studio Legale Partner 19
Coda Pier Paolo UniCredit Corporate Investment
Banking Relationship Manager International Desk 16
Colombini Alessandro Confindustria Toscana Vice Presidente 3
Colombo Andrea Navalmar UK Director 16
Colombotti Carlo Carlo Colombotti International
Consultants 11
Como Pietro Barabino & Partners UK Plc Senior Consultant 19
Coniglio Paolo Pringle Consulting srl Director
Conti Rossana Speechly Bircham LLP Solicitor 23
Cordelli Luca Locker Greenberg & Brainin PC Attorney 5
Corts Maria Think London Business Development Manager 2
Costa Alberto In2Matrix General Legal Counsel 21
Cremona Massimo Pirola Pennuto Zei & Associati Partner 9
Cuneo Paola Think London Head Of Europe Middle East & Africa 18
Cunnington David Cordea Savills Managing Director 9
Curtin Fiona Curtin & Co Marketing Consultant 1
Dandon Melody Italian Chamber of Commerce
for the UK Commercial Manager
Danilovich John Ambassador 5
D'Anna Giuseppe Power Consulting Limited Managing Director 12
Dannreuther David Withers LLP Partner 21
Dapri Michele Intesa Sanpaolo SpA General Manager, Head of EMEA Hub 15
Davola Giuseppe Studio Davola Commercialista 21
De Battisti Sergio DB Invest Ltd Director 4
De Biase Francesco Maria Italian Embassy Italian Defense Attache' 6
De Col Gabriele SCM Group Ltd 8
De Giorgi Emilio NCTM Partner 22
De Giorgio Pietro H7 SpA Partner 9
De Marchi Nino Banco Popolare Sc Deputy General Manager – London Branch 8
Dettoni Jacopo Freelance Journalist
Dettori Stefano Everest Europe Managing Director
Di Fusco Alessandro Egon Zehnder International Consultant 20
Di Montorio-
Veronese Paolo PdMV Capital President & CEO 5
Di Nisio Andrea Dalton Strategic Partnershp, DSP Partner 3
Dinca Roxana Forum Invest Senior Event Coordinator
Economides S E Alain
Giorgio Maria The Italian Ambassador 11
Erba Mario Banca Popolare di Sondrio Vice Direttore Generale 11
Esposizione Livio Studio Legale Tonucci & Partners Partner 20
Falciani Stefano List UK Ltd Managing Director 20
Fantetti Raffaele Senatore della Repubblica Italiana 5
Fantoni Claudio Pictet and Cie Bankers Director 22
Fazio Silvia Collyer Bristow LLP Partner 1
Fazzari Maurizio WestLB AG Direttore Generale Rappresentante
Legale e Country Head Milano 15
Ficai Francesca Merger Market Journalist 19
22Members and Guests
Surname Name Company Area of Activity and/or Title Table
Finardi Daniela Italian Chamber of Commerce
for the UK Membership Liaison Officer
Fiore Benito A T Kearney Director 15
Franz Ernesto Laurenzia Ltd Managing Director
Frediani Natalie Shares Magazine
Gaddo Filippo Ernst & Young LLP Manager 1
Galgani Vasco Camera di Commercio di Firenze Presidente 10
Gallenca Andrea ISC Istitutional Center Relationship Manager 1
Galli Giampaolo Confindustria Direttore Generale
Garbi Gianluca Commerzbank AG Managing Director 21
Garofalo Paolo Banca d'Italia Deputy Representative in the UK 9
Girgenti Helen Italian Chamber of Commerce
for the UK Secretary General 7
Godfrey David Hill Dickinson LLP Consultant 14
Grandi Gianluca Italian Embassy First Counsellor 6
Grey Richard CLS Communications
Grillo Salvatore Sisu Capital Investment Manager 2
Gubitosi Marco Gianni, Origoni, Grippo & Partners Partner 20
Guerra Maria Teresa Banca Popolare di Milano Responsabile Ufficio Legale 7
Hackett Thomas EBRD Executive Director for EIB 21
Hopley Lee EEF Chief Economist
Ignatius Nadia Withers LLP Solicitor 3
Immordino Michele Latham & Watkins Partner 1
Inzaghi Petrina Urban Vision srl Pubbliche Relazioni 5
Inzani Lisa Bevan Kidwell Partner 20
Jamieson Colin Pirola Pennuto Zei & Associati Partner 9
Kazzi Samara Taxila Capital Director, Private Equity Placements 5
Knight CBE Angela British Bankers' Association Chief Executive 11
Laffineur
Petracchini Gherardo Espirito Santo Financial Group S A CEO 22
Lantelme Marco Carnelutti Studio Legale Associato Partner 3
Lavarini Luigi Spaghetti House Restaurants CEO 1
Law John J British Chamber of Commerce
for Italy President 10
Leonardi Robert London School of Economics and
Political Science Professor 11
Letizia John Lloyds Bank TSB plc Head of Public Policy and EU Relations
Liberatore Francesco Jones Day Associate 4
Lichino Claudio Chiomenti Studio Legale Managing Director 19
Lord St John Bletso 5
Lord Wallace
of Saltaire UK Government Spokesperson for the Department of Education,
the Foreign and Commonwealth Office Department for Business,
Innovation and Skills, the Ministry of Defence and Government Whip 11
Lugli Riccardo Banca IMI Head of Leverage & Acquisition
Finance, London 14
Macchi di
Cellere Stefano Jones Day Partner 4
Maisano Leonardo Il Sole 24 Ore London Bureau Chief 18
Mancini Dario Banco Popolare Sc General Manager - London Branch 8
Mancini Marco Italian Embassy First Counsellor 8
Mantegazza Francesco Pirola Pennuto Zei & Associati Partner 9
Marchetti Fabrizio Banco Popolare Sc Direzione Corporate 8
Marchiolo Tancredi EIM UK Limited Sales and Marketing Executive 12
Mathiasz Janina Verona Fiere 3
23Members and Guests
Surname Name Company Area of Activity and/or Title Table
Mauti Gianfranco x-Citi (Associazione degli Alunni
di Citigroup in Italia) Presidente 15
McGran Sean Alchemy Design Award Managing Director 19
Moccagatta Francesco Banca IMI Managing Director, M&A Advisory London 14
Molinari Gianfranco Gustar Divino Managing Director 1
Nardi Barbara Ferragamo General Manager 16
Nathanson OBE Michael Thring Townsend Lee
& PembertonsConsultant 18
Niada Marco Finsbury Senior Advisor 6
Oakley Alan Alexander and David Securities
Limited Director, Corporate Finance CIS 12
Omiccioli Luigi Italian Clinic Director
Palmer Roderick Hill Dickinson LLP Partner 8
Panunzio Lorenzo European London Network Managing Director
Paoletti Giuseppe Italian Chamber of Commerce
for the UK Trade Fairs Promotion
Paoletto Alessia Withers LLP Avvocato e Solicitor 3
Pau Rosalba Italian Lessons in London Director 23
Pedrotti Michele Ernst & Young LLP Senior Executive 1
Perotto Anthony NCTM LLP Managing Partner, London 2
Pesce Oliviero Consultant 22
Pesciarelli Marco Banca IMI Head of European Rates Sales, London 14
Petkovic Denis Withers LLP Partner 21
Pettibon Maurizio Kreos Capital Partner 23
Phillips Darren Banca IMI Head of International Conduit Financing
and Management Securitisation and
Risk Transfer 14
Piantadosi Luigi Finmeccanica UK VP NATO 6
Pini Domenic Pini Franco LLP Partner 22
Pollara Roberto UniCredit Group Chief Manager, London
Pontecorvo Stefano Italian Embassy Ministro Plenipotenziario 16
Pravettoni Alberto LCH Clearnet Managing Director 21
Quattrociocche Enzo EBRD Secretary General 6
Redi Jacopo Redi & Partners Managing Director 20
Ricci Silvio Banca Monte dei Paschi
di Siena SpA Manager, Customer Desk London Branch 18
Rice Ian Alexander and David Securities
Limited Director, Corporate Finance 12
Rivolta Thomas Pirelli RE Advisor 16
Rizzi Luigi Studio Legale Tributario Associato
con DLA Piper Partner 4
Roberts Claire Finmeccanica UK Media Relations 6
Roccia Massimo ABI - Italian Banking Association Direttore Centrale Area Business 10
Romiti Paolo Impregilo SpA Domestic and International Business
Development Director 12
Ross Sidney Celia Italian Chamber of Commerce
for the UK Conference Organiser 21
Rouse Duncan Banca Monte dei Paschi di
Siena SpA Deputy General Manager, London Branch 18
Rushan Keith Robinson and Rushan Partner 12
Sabbion Andrea Studio Legale Sabbion Fondatore e Managing Partner 4
Sacconi Maria Alitalia UK Country Manager 15
Sanfelice Giovanni Barabino & Partners UK Plc Managing Director - Partner 7
Santucci Salvatore Santucci & Partners Limited President 3
Sarno Silvio Calcestruzzi Irpini SpA Amministratore Unico
24Members and Guests
Surname Name Company Area of Activity and/or Title Table
Scoyni Valerio ENIT UK Representative 9
Serafini Emanuele Finmeccanica UK VP External Relations 6
Serafini Francesca Italian Trade Commission Acting Director, London 6
Sidoli Domenic PWP Solicitors Solicitor 5
Simonelli Leonardo Italian Chamber of Commerce
for the UK President 10
Singharay Hiren Standard Chartered Bank Managing Director, Head of Syndications 8
Sing-Key Simon FSA Associate 18
Sironi Daniele Merrill Lynch International Wealth
Management Financial Advisor 2
Soulsby Peter Banco Popolare Sc Manager, Credit Department –
London Branch 8
Spera Patrizia Finmeccanica SpA Dirigente 15
Svizzero Nicolo' NS Multi Family Office Founder and Chairman 3
Talamonti Marco ENI Holding UK Director 15
Tanda Ugo TMA Legal Partner 20
Tantalo' Pietro Maria NCTM 2
Taylor Steven Ambrosetti Group Ltd Chief Executive Officer 19
Teodorani
Fabbri Eduardo CNH Global NV Senior Vice President,
Corporate Development 11
The Hon Sir Rocco Forte The Rocco Forte Collection Chairman 11
The Worshipful
The Mayor of Southwark Councillor Tayo Situ 11
Tomada Fabrizio Gestore Servizi Energetici – GSE Senior Advisor 22
Tosato Massimo Schroders Plc Executive Vice Chairman
Trainotti Paolo Trainotti & Partners Partner 2
Urbani Grecchi Simone BIIS Chief Manager, London
Representative Office 14
Vacca Alberto Aviva Europe Investment and Reinsurance Director 9
Vagni Roberto Italian Embassy Vice Commissario Economico-Finanziario e
Commerciale 12
Valente Stefano Arner Bank Vice Presidente 3
Valenza Daniela Urban Vision Srl Amministratore Unico 5
Vanni
D'Archirafi Uberto Italian Consulate General Consul General 18
Verri Giovanni Carlo Camera di Commercio di Vercelli Presidente 20
Versiglioni Matteo Santucci & Partners Limited Director 1
Vignoli Enrico Banca Monte dei Paschi
di Siena SpA General Manager, London Branch 18
Virgilio Luca Baglioni Hotel General Manager 2
Viskovic Alfredo Hrvatska Elektroprivreda Director 12
Wainwright Lorna Teuco UK Manager 19
Walker Barry Italian Chamber of Commerce
for the UK Consultant 12
Wallace CMG Helen Professor 10
Ward William UK Correspondent Il Foglio, Panorama 7
Wells-Greco Michael Collyer Bristow LLP Assistant Solicitor 1
Weston Caspar T. WestLB AG Director 19
Wildman Nicola FSA Lead Associate 18
Wright Jason Kroll Associates Senior Director 19
Zarlatti Carla LABLAW Partner 3
Zatta Richard Banca IMI Head of Project & Industry
Specialised Lending, London 14
25THE ITALIAN CHAMBER OF COMMERCE
AND INDUSTRY FOR THE U.K.
ORGANISATION CHART
President Leonardo Simonelli Santi
HEAD OFFICE
Secretary General Helen Girgenti
Accounts Giuseppe D’Emilio
Commercial Manager Melody Dadon
Commercial Department Assistant Luigi G J Fontana
Conferences Sidney Celia Ross
Invest in Torino, Piedmont Francesca Bellocchi
Master in Hospitality
& Hotel Management Maria Vittoria Valentino
Membership Liaison Officer Daniela Finardi
Trade Fairs Manager Giuseppe Paoletti
Trade Fairs Promotion Eva Lamorgese
Trade Fairs Promotion Alessandro Giacalone
1 Princes Street, London WlB 2AY
Tel: + 44 (0)20 7495 8191 Fax: + 44 (0) 20 7495 8194
email: info@italchamind.org.uk www.italchamind.eu
REGIONAL OFFICES
Edinburgh
32 Melville Street Immacolata Scirpoli
Edinburgh EH3 7HA
Tel/Fax: 00 44 (0) 131 225 3306
scotland@italchamind.org.uk
Glasgow
24 St. Enoch Square Martina Missiato
Glasgow G1 4DB
Tel: +44 (0) 141 221 7296
glasgow@italchamind.org.uk
Manchester
9th Floor, 111 Piccadilly Stefania Corallo
Manchester M1 2HY
Tel: +44 (0) 161 244 5367
Fax: +44 (0) 161 235 8792
manchester@italchamind.org.uk
26THE ITALIAN CHAMBER OF COMMERCE
AND INDUSTRY FOR THE U.K.
History Master in Hospitality and
The Italian Chamber of Commerce Hotel Management
and Industry for the UK is a company The Chamber’s Master in Hospitality
limited by guarantee devoted to and Hotel Management programme is
promoting and extending business now in its seventh edition. The course
relations between the United Kingdom lasts 4 – 7 months and involves intense
and Italy. Established in 1886, it is one training in tourism marketing and
of the oldest of the 74 Italian Chambers communication, food & beverage
of Commerce abroad and was formally sales, events management, leadership
acknowledged by the Italian Government and hospitality law. The programme
in accordance with Italian Law N. 518/70. also provides excellent internship
Services opportunities with major international
hotel chains and restaurants in London.
We offer a wide range of standard and
personalised services to members and
non-members who are interested in Annual fees:
trading goods or services between the
two countries. Through our internal Non-Corporate Ordinary Member
resources and our network of business £75 + VAT
and institutional partners, we provide
our clients with the service or advice
Corporate Ordinary Member
£110 + VAT
needed to expand their business.
Quarterly Magazine Supporting Member
£300 + VAT
Together with the London offices of the
Italian Trade Commission and the Italian Benefactor Member
State Tourist Board and with the support £600 + VAT
and patronage of the Italian Embassy,
we produce “Italy-UK Partnership,” a One-Off Registration Fee
quarterly magazine covering cross border £100 + VAT
activities between Italy and the UK in
To request a membership pack, kindly
relation to trade, investment, tourism
contact our offices via email on
and events.
membership@italchamind.org.uk
Membership
Membership of the Chamber grants
access to a number of free and special
rate services and to exclusive activities
and events. It is open to all companies
and individuals in the United Kingdom
and Italy. Supporting status entitles
members to further discounts on
services, while Benefactors are also
involved to a greater extent in the
life and management of the Chamber.
27Be a part of the UK’s biggest
celebration of all things Italian
Food # Wine # Property
Travel # Style & Design
Over 17,000 visitors in the heart of London
La Dolce Vita
10-13 March 2011
Business Design Centre, Islington
www.ladolcevitaevent.co.uk
For more information please contact
Melissa Ormiston Tel: 020 7886 3089
Email: melissa@single-market.co.ukFORTHCOMING EVENTS
Thursday 21st October 2010 08.30 –13.00
Tax and Legal Chapter Seminar
The Italian Chamber of Commerce and British Chamber of Commerce for Italy (BCCI) in
collaboration with Grant Thornton and Bernoni Partners have pleasure in inviting you to a
Tax & Legal Chapter seminar. The seminar will cover Transfer Pricing legislation in Italy, UK
and France with a focus on:
G Agreed Transfer Pricing rules and recent news in Italy, UK and France.
G Obligations concerning TP documentation and Best Practice.
G Dispute resolution (APA) and Mutual Agreement Procedures (MAP).
Venue: The Mountbatten Room, Royal Automobile Club, 89 Pall Mall, London SW1Y 5HS
Tuesday 9th November 2010 Time: tba
Bevan Kidwell Legal Round Up 2010
Bevan Kidwell, a firm of commercial solicitors based in Farringdon, will present a bullet
point overview of the following topics designed to present what you need to know in
concise non-legal speak.
G Employment Law Update. An overview of the latest developments.
G Effective steps in debt collection.
G Liquor Licensing – an Update.
Venue: The Hatton, 51-53 Hatton Garden, London EC1N 8HN
Wednesday 17th November 2010 18.00 – 20.00
International Wine & Chat
International Wine & Chat with the Chambers of Commerce of Italy, France, Spain and
Argentina. An excellent opportunity to network with members and representatives from
all of the aforementioned Chambers whilst tasting distinguished and Grand Cru wines
from all countries present. Ticket prices: Members £30 Non-Members £40
Venue: The Residence of the Argentinean Ambassador,
49 Belgrave Square, London SW1X 8QZ
29Tuesday 30th November 2010 Time:TBA
“Nanotechnologies for Efficient and Clean Transportation: Innovative Projects
from Turin, Piedmont”
Piemonte Agency, on behalf of the Torino Chamber of Commerce, will present the most
interesting business opportunities and nanotech projects for efficient and clean transportation.
Speakers will be from top universities and research centres as well as major private companies.
Piemonte Agency is the one-stop-shop for foreign companies wishing to locate in Turin, Piedmont.
Venue: Mayfair Conference Center, Garden Room, 17 Connaught Place, London W2 2ES
Wednesday 1st December 2010 10.30 – 12.00 followed by a light lunch
“Turin, Northwest Italy: Investment Opportunities in Outstanding Urban Projects”
The City of Torino, in collaboration with Piemonte Agency, has organised a seminar to
present the most important urban transformation project of the post-Olympic city: Line Two
of the underground and the “Variante 200” urban development plan.
The Project involves the re-organisation and re-design of entire portions of the city creating
1 million square meters of new housing, office, tertiary, craft and service facilities.
Venue: DLA Piper, 3 Noble Street, London EC2V 7EE
Wednesday 1st December 2010 Time:TBA
Belluzzo & Associati Workshop 2010
UK – Italy Cross Border Tax & Legal Update.
The workshop will analyse the tax strategies for non-domiciles in the new regime and will
present an Italian and UK update on tax issues illustrating the impact and the consequences
in the UK for Residence Non Domicile taxpayers.
By invitation only. Places are limited.
Venue to be confirmed
For further details on all Italian Chamber events including how to register,
visit http://www.italchamind.eu/EN/events.aspx
30REPRODUCED WITH THE KIND PERMISSION OF THE BANK OF ITALY
Peterson Institute for International Economics –-
Bruegel Conference:
The Transatlantic Relationship in an Era
of Growing Economic Multipolarity
Key note by Mario Draghi
Governor of the Bank of Italy
Washington, 8 October 2010
Let me start by thanking Fred Bergsten, Director of Peterson Institute for International
Economics of Bruegel, for inviting me to this policy debate on regulatory reform and
transatlantic relations. The issues on the conference agenda are highly topical and present
challenges for international policy makers.
Just as is the case for tackling the problem of global climate change – another important
topic on your agenda – achieving a more stable and resilient global financial system
requires coordinated action at the global level. The US and Europe have strong joint
interests in this and are critical to progress. But so are the growing weight of countries
beyond these continents, and they have come to play an increasingly important role in
shaping global outcomes.
In my remarks I will first review what we have achieved so far in terms of financial
reforms. I will then turn to important challenges still ahead of us. And I will conclude
with thoughts on international policy coordination and the role of the FSB.
ACHIEVEMENTS SO FAR
We have come a long way towards strengthening the financial system since this crisis began,
reflecting an unprecedented amount of international co-ordination in achieving consistent
reforms. While issues remain to be resolved, in Europe, in the US and elsewhere, we
are, collectively, fundamentally reshaping the framework for systemic financial oversight.
Let me note some examples:
G First, top-down, system-wide oversight arrangements are being put in place at national,
regional and international levels. These arrangements are designed to deliver more
encompassing surveillance, with broadened macro-prudential perspectives, and better
mechanisms for triggering action on identified risks. Examples are the European Systemic
Risk Board and related arrangements, the US Financial Services Oversight Council, the
IMF-FSB Early Warning Exercise, and the establishment of the FSB itself.
G Second, major jurisdictions have overhaulied their regulatory and supervisory structures
to strengthen responsiveness to risks, improve coordination and close gaps. The FSB is
in many ways the international manifestation of these efforts;
GThird, the regulatory perimeter is being expanded. Major jurisdictions have finalized or
will shortly finalize legislation that establish regulation and oversight over the OTC
32derivatives markets, hedge funds and credit rating agencies. In each of these areas,
principles for what regulation should achieve have been internationally agreed and
implementing regulation is being closely coordinated;
G Fourth, we have put in place cross-border oversight and contingency planning for the
largest and most complex global financial institutions, each of which now have functioning
core supervisory colleges and crisis management groups.
At the level of the essential regulatory policies to buttress financial stability, let me recall:
G that with Basel III, we have a fundamentally revised global bank capital framework which
will establish stronger protection through improved risk coverage, more and higher quality
capital, a counter-cyclical buffer and a constraint on the build-up of banking sector leverage;
G Second, as part of Basel III, we will for the first time have a global liquidity standard for
banks that will promote higher liquidity buffers and constrain the maturity mismatching
that created the condition for this crisis;
G Third, as I will describe later, we are making progress in developing a policy framework
and tools to roll back the moral hazard risks posed by institutions that are TBTF;
G Fourth, we have eliminated the perverse incentives that pervaded securitization, including
the scope for leverage to develop in opaque offbalance sheet vehicles through changes to
accounting standards and regulatory and prudential rules;
GFifth, we are establishing central clearing of standardised contracts in the OTC derivatives
markets and a OTC global trade repository is now in operation;
G Fifth, we have developed a series of supervisory tools to raise standards of governance,
risk management and capital conservation at financial institutions. In this context, let me
note that:
I we are making good progress with accounting standard setters towards expected
loss provisioning regime for credit losses, which will dampen procyclicality and
align accounting and prudential objectives in this key area; and
I principles and standards have been issued to better align compensation systems
with prudent risk-taking. The standards give supervisors powers to restrain
compensation structures and the level of pay-out to conserve capital in the firm.
As we move to raise capital levels, we will encourage supervisors to use these powers.
I have been selective in my enumeration. But the point I want to leave with you is that
we should not underestimate what has been accomplished. Each of the above areas are
difficult in their own right. That we have been able to progress global policy development
and implementation on such a broad front, while fighting a very serious financial crisis, is
something that has never happened before.
So, the direction in which we are moving internationally is encouraging.
But important issues remain. And it is political resolve that will determine
whether we accomplish the credible and robust reforms that our citizens
rightly demand, yet preserve the enormous advantages of an internationally
integrated financial system.
33ADDRESSING TBTF Addressing the “too-big-to-fail” (TBTF) problem is perhaps the most challenging remaining legacy of the crisis. Basel III will greatly strengthen banking system resilience, but it does not address this problem. The FSB has assessed a broad range of policy options in this area and will present its recommendations to the G20 in November. It is important to recognise that SIFIs vary widely in structures and activities and that the nature and degree of the risks they pose also differ. Some are large, complex highly integrated global financial institutions with activities spanning a range of sectors. Others may have a global customer base but are simpler commercial banking operations. Yet a third category is entities that are large at a domestic or regional level but nonetheless globally interconnected through wholesale funding markets. Whatever their nature, SIFIs have two things in common: that their uncontrolled failure would cause significant systemic disruption and that we, as authorities, cannot at present resolve them in an orderly fashion without use of public funds. The framework we have agreed to address SIFIs is therefore based on four necessary pillars. First, we must radically improve our capacity to resolve SIFIs without disruptions to the financial system and without taxpayers’ support. Effective resolution regimes must advance the goals of both financial stability and market discipline. This means they need to be able to impose losses on shareholders as well as creditors while ensuring continuity of essential financial functions. All countries should have a Dodd Frank style regime in place. In addition, we need to acquire additional resolution tools. The bail-in of debt holders holds significant attractions both from the perspective of correcting creditor incentives and protecting tax payers. But the legal issues associated with the bail-in in group structures and in a cross-border context are non-trivial. Moreover, to be effective backstops in dealing with global firms, national resolution regimes need to converge towards common standards. And theseneed to be supplemented by cross-border cooperation arrangementsunderpinned by national law that provides both mandate and capacity for resolution authorities to cooperate. Legislative changes will be needed in many countries to enable this. Lastly, “living wills” will be mandatory for major firms. These will include assessments of firm resolvability. Supervisors will have the power to require changes to a firm’s structure to improve its resolvability. Second, the loss absorption capacity of systemic firms should reflect their role in the global financial system and their potential contribution to systemic risk. Even with the best possible resolution tools, the failure of a major global firm would cause significant damage. This reinforces the importance of strengthening the resilience of major global firms. Higher loss absorption capacity for SIFIs than the minimum agreed Basel III standards, especially for the largest globally operating SIFIs, therefore are at the core of our recommendations. A credible process of peer review will be established to challenge the policy choices made within each jurisdiction and to ensure that measures applied on a country-by-country and SIFI-by-SIFI basis are consistent and mutually supportive. The third area is strengthened oversight and supervision. Senior line supervisors have drawn a frank assessment of weakness leading up to this crisis. These weaknesses were 34
not present in equal amounts everywhere, but there is scope for improvements all
around. Our recommendations in this area have been developed with the IMF. One set
is focused on the mandates, independence and resourcing of supervisors. Another is on
improved methods and practices to proactively identify and address risks.
Fourth, we will be setting out higher robustness standards for core financial infrastructure.
These infrastructures – including for central counterparties – are themselves sources of
systemic risk were they to malfunction or fail.
This is a complex project which will unfold over a number of years. It will need to be
consistently implemented in all major countries to maintain a level playing field, avoid
regulatory arbitrage and effectively address the risks to the overall system. The already
established FSB framework of country and thematic peer reviewing process will address
improved resolution frameworks and more intensive supervision In addition for SIFIs with
the potential to create damages at a global level we will establish a mutual policy review
process that will review and challenge the national policies towards major global SIFIs.
Ahead of us, other issues still require attention:
I So far, most of our attention has been on strengthening the resilience of the banking
system, and rightly so. Yet, the shadow banking sector remains a large part of
our financial systems, less regulated, but nonetheless significant in the credit
intermediation and maturity transformation, and subject to runs in damaging ways.
I We need to make frameworks for macro-prudential policies and systemwide oversight
operational. We will be sharing approaches for surveillance, powers to obtain
information and modalities for action on identified risks. The FSB will coordinate
approaches where an international regulatory response is needed. We will be working
with the BIS and the IMF to build principles for effective macro-prudential policies.
Lastly, the FSB is developing arrangements to broaden the involvement non-members
in its work at early stages of policy development. We will be setting up regional arms of
the FSB. Each regional group will be co-chaired by an FSB member and a regional
non-member who will attend FSB Plenary meetings.
CONCLUSIONS
Let me conclude. Three things have been important in making the progress we have on reforms:
G First, the sheer seriousness of the crisis, and the recognition that, in a globally intgrated
system, we all sit in the same boat;
G Second, the readiness in the official community to agree objectives and timelines for
substantial reform, including through the G20 process; and
G Third, the establishment of mechanisms, such as the FSB, to hasten the policy
development needed to meet these objectives.
I am quite confident that, with these, we will be able to achieve globally
consistent rules that will lastingly increase the resilience of the financial
system and the real economy and deliver the level playing field that a
global system needs.
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