The position on banks and insurance has not changed. We consider their opening as impossible.

The presence of foreign banks in Italy must not be seen to be an invasion, but a state of mutual enrichment.

The primary driver behind the miss looks to be net interest margin compression, which we have seen from other banks that have reported this quarter. But it seems more pronounced with Sovereign.

The operating licenses of the 14 banks are hereby revoked. The Nigeria Deposit Insurance Corporation has been directed to obtain court approval to commence the process of their liquidation.

Theoretically, the distribution fee should include an element of payment for advice, after the banks complained that the public wouldn't pay for advice. But being an adviser means more than selling: one has to examine the portfolio, update it and sometimes recommend that the client sell.