The Holy Father Francis appointed Dr. Carmelo Barbagallo President of the Financial Information Authority (FIA). To date, Dr. Barbagallo was General Officer with a top-level Advisory Position on the Board of Directors of the Bank of Italy, in matters of banking and financial supervision and in relations with the Single Supervisory Mechanism.
This appointment, which was made public today, November 27, 2019, following Pope Francis ‘ Apostolic Journey to Thailand and Japan, was announced by the Holy See Press Office on November 18 of this year.
Statements by Carmelo Barbagallo
In face of the spread of the news, Carmelo Barbagallo said to Vatican News that this position “constitutes an honor of which I feel all the moral and professional weight, and I thank the Holy Father for the trust he has placed in me.”
The new President of the Financial Information Authority added that “in the service of the post received as FIA’s guide, I will try to contribute all the experience accumulated in 40 years of work in the Bank of Italy, as Inspector, as Head of Vigilance on the Italian Banking and Financial System and in the ambit of the European Banking Supervision System. “
Rectitude and Transparency
“I’m sure that FIA will be able to make its contribution, in its capacity as authority of control, so that the fundamental values of the rectitude and transparency of all the financial movements, in which the Holy See is involved, will continue to be affirmed and recognized,” he specified.
Dr Barbagallo concluded by pointing out that he hopes to “assure the international system of financial information, that every collaboration will be given in absolute respect of the best international standards,” and that, henceforth, he will be “working to give continuity to FIA’s action in tracking its most important institutional objectives.”
Press Release of the Bank of Italy
According to “Vatican News,” the Bank of Italy has stated: “in his long professional career in the Bank of Italy, Carmelo Barbagallo has acquired broad experience in the field of banking supervision. He has been Head of the Vigilance Department since 2014 and was appointed, in July of this year, Consultor of the Board of Directors for relations with the Single Supervisory Mechanism, the structure that oversees the main European banks.”
The Bank of Italy also expressed its “profound appreciation for the work carried out in the last years, with dedication and competence, by Carmelo Barbagallo. His appointment consolidates the fruitful relationship of collaboration that has existed for some time with the Vatican Authority.”
Dr. Carmelo Barbagallo
Born in Catania in 1956, he is married and has two children. He graduated cum laude in Law in 1978 from the University of Catania. In 1979 he specialized in Regional Economy and collaborated with the Chairs of Private Law and Industrial Law. He is an official auditor.
He was incorporated in the Bank of Italy in 1980 and assigned to the Supervision Office of the Genoa branch. After fulfilling his military obligation as Customs Officer, he was transferred in 1983 to the Milan branch, where he worked in the Economic Investigation Unit and in the Office of Supervision, concerned with the real economy of the Lombardy Region, as well as the analysis of banks of national interest (Banca Commerciale Italiana and Credito Italiano) and of investment funds.
Since 1995 he has been working in the Central Administration of the Control Inspection. During those years he was responsible for the formation courses and he collaborated with numerous work teams. He has also worked on anomalous and re-structured bank loans and took part in the writing of the Banks’ Law. He is a member of commissions for contracting young graduates in the Bank of Italy.
As Supervising Inspector, he has been responsible for numerous banking and financial intermediary inspections in Italy and abroad, including the validation of advanced models of risk measurements foreseen in the Basel Agreement. He also oversees the Supervision Guide in force.
Central Director of Banking and Financial Supervision
In January of 2009, he was appointed Deputy Head of the Supervision Inspection. Since May of 2011, he is titular of this Service. And, since February of 2003, he is a general officer with the title of Central Director of Banking and Financial Supervision.
From January 27, 2014, to June 30, 2019, he was head of the Banking and Financial Supervision Department.
From July 1 of 2019 up to today he has held a top-level advisory position in the Board of Directors of the Bank of Italy in matters of banking and financial supervision and in relations with the Single Supervisory Mechanism.
He is the author of numerous articles and studies on banking and finance. Among other things, he has reflected further on the subjects of financial innovation and the supervision profiles of derivative instruments.
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