mergers. including the operations that are currently being organized, the share of the banking system ’ s assets in the hands of banks of which the state, local authorities or foundations own the majority of the capital will shortly fall to 20 per cent, as against 70 per cent ten years ago. bnl is about to be privatized. the monte dei paschi di siena foundation, the only one that still owns all the capital of a major bank, has recently decided to place some of its capital in the market and to seek a stock exchange listing. the prospect of contestability opened up by bank privatizations has been strengthened by the changes to the legal framework introduced by the consolidated law on financial markets, which came into force in july of this year. the new rules serve to increase the disclosure of information, enhance the efficiency of the financial markets and the contestability of control — in the case of listed companies partly through the revision of the provisions governing takeovers. there are 25 commercial banks listed on the stock exchange ; they account, directly and indirectly via listed and unlisted subsidiaries, for 50 per cent of the banking system ’ s total assets. in addition, there are 10 cooperative banks listed on the stock exchange, accounting for 10 per cent of total assets, and another 7 banks are listed on the ristretto market. although the community authorities recognize the specific features of the banking sector, their application of article 92 of the treaty to banks tends to be rigorous. the authorization of state aid to some large european banks has been made conditional on their disposing of assets, parts of the business and equity interests. the fact that bankers will be able to count less on public support means they will have to adopt even more stringent criteria of autonomous, sound and prudent management. the number of banks in distress that have been consolidated ( by means of mergers, amalgamations and takeovers ) or placed under special administration or in liquidation has increased in the nineties, in both absolute and relative terms. the ratio of the number of such banks to the total number rose from 1. 5 per cent in 1990 to an average of 4. 3 per cent in 1996 and 1997 ; the ratio of their assets to the total assets of the banking system rose from 0. 2 per cent to nearly 6 per cent. the increase in the number of such interventions with respect to troubled banks has been partly due to the increased emphasis on the preventive nature of supervisory action. since the action is taken when

, if it were permanent and extended to the entire yield curve, would largely compensate for the restrictive effects of the budget package. the government has also introduced measures to sustain economic growth, such as a tax allowance for corporate equity, the deductibility of the portion of irap relating to labour costs, provisions to foster competition and measures for infrastructure investment. action must proceed with wide - ranging measures that gradually bring the economy up to a higher and better balanced growth path. it is crucial to establish a clear and credible comprehensive framework within which to place individual measures. this programme must comprise both the measures already specified and those to be designed starting today. it must apply both to the measures that can be taken in the short term and to those that will require more time. a comprehensive approach to the design of pro - growth measures can bolster confidence in the prospects for our economy, with beneficial effects on investment and the cost of the public debt. the measures – as we know – must aim to reduce administrative costs and the length of judicial proceedings ; improve the efficacy of regulation and stimulate competition ; raise the quality of public services and obtain better terms for infrastructure projects, including by means of resolute action on the legality front ; they must also remove the obstacles to the growth of firms ’ size, enhance the formation of human capital, facilitate innovation and improve the working of the labour market. bis central bankers ’ speeches appendix : summary of the decree law ’ s main provisions a. 1 measures that increase revenue the decree produces increased revenue of €25. 5 billion in 2012, €24. 6 billion in 2013 and €24. 1 billion in 2014. most of the increase comes from the taxation of real estate and excise duties. other measures increase the taxation of assets other than real estate. further provisions are designed to strengthen the fight against tax evasion. taxation of real estate. – the decree brings forward the entry into force of the own municipal tax ( imp ), instituted by the legislative decree on municipal federalism, from 2014 to 2012 and modifies the related tax base significantly. the latter now includes first homes and is calculated by applying higher adjustment factors to upwardly revised cadastral income than those previously in force for the municipal property tax ( ici ), especially for residential buildings. as already provided by the march legislative decree for the implementation of municipal federalism, the new tax supersedes ici and personal income tax ( plus the related surtaxes ) on imputed income from