The Amato law (law 218/1990) of 1990 was the starting point of the reform process. By introducing the joint-stock company as the basic organizational entity in the banking sys- tem, the law constituted an important step towards the privatization of the system. In par- ticular, the law provided for transforming savings banks into joint-stock companies (soci- etá per azioni, Spa). The banks’ capital was transferred to (publicly owned) foundations, thereby legally separating the banking business from social or cultural activities. These foundations maintained the public mandate of the savings banks, such as the advancement of the local economy. These provisions represented only a first step towards the.
