The International Monetary Fund said that Italy's central bank did a good job in its oversight of crisis-hit Monte dei Paschi di Siena.
"The IMF team's preliminary view is that the Bank of Italy (BoI) took timely and appropriate action - within the limits of the legal framework - to address problems at MPS", the IMF's chief spokesman Gerry Rice said. "Oversight was close and supervisory action escalated appropriately as MPS's problems became acute", Rice said.
The central bank has been widely criticised over its oversight of Monte Paschi, which is set to tap €3.9 billion of state loans and whose former management is under investigation for fraud and other financial crimes. The IMF's backing will be particularly welcomed by Draghi, who was BoI governor between 2006 and 2011 when the opaque derivatives trades Monte Paschi officials allegedly set up to massage its accounts were conducted and came to light.
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