Identifier
Created
Classification
Origin
07ROME971
2007-05-09 09:54:00
SECRET
Embassy Rome
Cable title:
ITALIAN IMPLEMENTATION OF ASSET FREEZE ON BANK
how-toVZCZCXRO9756 OO RUEHBC RUEHDE RUEHDIR RUEHKUK RUEHRN DE RUEHRO #0971 1290954 ZNY SSSSS ZZH O 090954Z MAY 07 FM AMEMBASSY ROME TO RUEHC/SECSTATE WASHDC IMMEDIATE 7952 RUEATRS/DEPT OF TREASURY WASHDC IMMEDIATE INFO RUCNIRA/IRAN COLLECTIVE PRIORITY RUEHSS/OECD POSTS COLLECTIVE PRIORITY RUEHFL/AMCONSUL FLORENCE PRIORITY 2366 RUEHMIL/AMCONSUL MILAN PRIORITY 8623 RUEHNP/AMCONSUL NAPLES PRIORITY 2524 RUEHBS/USEU BRUSSELS PRIORITY 4518
S E C R E T ROME 000971
SIPDIS
SIPDIS
STATE FOR ISN/CPI, JENNIFER CHALMERS AND NEA/IR, SEAN MISKO
TREASURY FOR TFFC, RACHEL LOEFFLER
E.O. 12958: DECL: 05/09/2017
TAGS: EFIN KNNP PARM PREL UNAUS IR IT
SUBJECT: ITALIAN IMPLEMENTATION OF ASSET FREEZE ON BANK
SEPAH ROME
REF: A. STATE 60238
B. ROME 628
Classified By: Economic Minister Counselor Tom Delare for
reasons 1.4 (b) and (d).
S E C R E T ROME 000971
SIPDIS
SIPDIS
STATE FOR ISN/CPI, JENNIFER CHALMERS AND NEA/IR, SEAN MISKO
TREASURY FOR TFFC, RACHEL LOEFFLER
E.O. 12958: DECL: 05/09/2017
TAGS: EFIN KNNP PARM PREL UNAUS IR IT
SUBJECT: ITALIAN IMPLEMENTATION OF ASSET FREEZE ON BANK
SEPAH ROME
REF: A. STATE 60238
B. ROME 628
Classified By: Economic Minister Counselor Tom Delare for
reasons 1.4 (b) and (d).
1. (S) The Bank of Italy (BOI) March 26 sent two
"provisional administrators" to manage Bank Sepah Rome's
affairs for sixty days, effectively placing the branch under
BOI control (Ref B). BOI reported March 27 that Bank Sepah
Rome is now "an empty box" -- i.e., the branch allegedly has
no remaining liquid assets, cannot pay its employees, and
conducts no banking activity.
2. (S) A high-level BOI official reported to EcMin April 20
that the BOI will likely recommend that the Ministry of
Finance (MOF) appoint a "special administrator" after the
sixty day period to manage the branch and potentially
liquidate the branch's assets to pay its outstanding bills.
Any such action would take place in late May. A BOI
regulatory official supervising BOI's oversight of Bank Sepah
Rome confirmed this May 8 and reported no new developments.
Spogli
SIPDIS
SIPDIS
STATE FOR ISN/CPI, JENNIFER CHALMERS AND NEA/IR, SEAN MISKO
TREASURY FOR TFFC, RACHEL LOEFFLER
E.O. 12958: DECL: 05/09/2017
TAGS: EFIN KNNP PARM PREL UNAUS IR IT
SUBJECT: ITALIAN IMPLEMENTATION OF ASSET FREEZE ON BANK
SEPAH ROME
REF: A. STATE 60238
B. ROME 628
Classified By: Economic Minister Counselor Tom Delare for
reasons 1.4 (b) and (d).
1. (S) The Bank of Italy (BOI) March 26 sent two
"provisional administrators" to manage Bank Sepah Rome's
affairs for sixty days, effectively placing the branch under
BOI control (Ref B). BOI reported March 27 that Bank Sepah
Rome is now "an empty box" -- i.e., the branch allegedly has
no remaining liquid assets, cannot pay its employees, and
conducts no banking activity.
2. (S) A high-level BOI official reported to EcMin April 20
that the BOI will likely recommend that the Ministry of
Finance (MOF) appoint a "special administrator" after the
sixty day period to manage the branch and potentially
liquidate the branch's assets to pay its outstanding bills.
Any such action would take place in late May. A BOI
regulatory official supervising BOI's oversight of Bank Sepah
Rome confirmed this May 8 and reported no new developments.
Spogli