IL LIMITE ALL’ATTIVO DELLE BANCHE POPOLARI DOPO LA LEGGE CAPITALI

This paper examines the amendment to the asset size limit applicable to Italian cooperative popular banks introduced by the Capital Markets Reform Act of 5 March 2024, No. 21, which doubled the statutory threshold from EUR 8 billion to EUR 16 billion in total assets, beyond which such banks are required to resolve upon their transformation into joint-stock companies. Building on the rationale underlying the original introduction of the asset size limit under Decree-Law No. 3 of 2015, the paper explores the reasons for the recent revision and its potential implications for the future of the cooperative popular banking sector, situating the amendment within the broader and ongoing reform of the Italian Financial Act (Legislative Decree No. 58/1998). The paper argues that the revision reflects a shift in regulatory strategy, moving away from forced “demutualization” toward more articulated forms of governance “hybridization”. It ultimately questions whether a partial, rather than complete, process of “companization” can provide a viable long-term solution to the trade-off between sound banking management, capitalization needs, and the preservation of cooperative-specific organizational features.