Bank of Rome

(Banco di Roma), one of the most important commercial banks of Italy, organized in 1880. It is one of three banks of so-called national significance. During the world economic crisis of 1929–33, it was on the verge of bankruptcy, but the government came to its aid by buying up its stock. Some 97 percent of the stock of the Bank of Rome (1967) belongs to the government monopoly, the Institute for the Reconstruction of Industry (IRI). Members of the board of directors and of the administration of the bank are appointed by the government. For the implementation of longterm and medium-term credit the Bank of Rome together with the Italian Commercial Bank and the Italian Credit Bank created a bank of crediting and financing (Mediobanca). The Bank of Rome is concerned with the crediting of foreign trade. It is connected with the biggest Italian industrial monopolies, such as Montecatini, Pirelli, and CNIA-Viscosa. It enjoys the support of the Vatican. In early 1969 the bank had 250 branches in Italy and 28 abroad, in Libya, Ethiopia, Somalia, Turkey, Lebanon, France, Monaco, Belgium, and Switzerland; it had representatives in New York, Frankfurt am Main, London, and Buenos Aires. In early 1969 the joint-stock capital consisted of 25 billion lire, and the reserves were 9.4 billion lire; the entire balance is 4,558 billion lire. Investments totaled 2,531 billion lire, and discounting and loans, 1,706 billion lire. The balance sum of the Bank of Rome is inflated, since, unlike most capitalist banks, it includes securities which are turned over to the bank for safekeeping and management, a total of 1,484 billion lire.