Testifying before parliament, Padoan said despite the oversight failings, the reappointment in October of Bank of Italy Governor Ignazio Visco for a second term in office was aimed at providing stability to financial markets.
"We wanted to give a signal of stability while acknowledging that in specific cases supervision could perhaps have been done better," Visco told a special commission set up to look into the bank collapses. (Reporting by Giuseppe Fonte, writing by Gavin Jones)