Antonio Fazio resigned on Monday as governor of the Bank of Italy, finally succumbing to the mounting pressure of a banking scandal that has severely damaged the reputation of the country’s business community.
The governor, under judicial investigation for possible abuse of office and insider trading, quit on the eve of an emergency Italian cabinet meeting to discuss new laws aimed at forcing him out of office.
Two senior members of the Bank’s own board met Mr Fazio on Monday afternoon as internal support for the governor crumbled.
Mr Fazio had resisted calls for his resignation since the summer when court documents highlighted the close relationship which he and his wife had with Gianpiero Fiorani, a banker involved in a controversial takeover battle. The calls reached fever pitch last week after Mr Fiorani was arrested on charges of running a criminal network for personal gain and market abuse related to the takeover battle.
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