Politicians searched for a quick way to ease Italy's embattled central bank chief out of office as news reports on Sunday said criminal probes of his dealings were widening.
Bank of Italy governor Antonio Fazio has been resisting calls for his resignation since summer, when news broke of an initial criminal probe into takeover bids by Italian bankers.
Milan daily Corriere della Sera reported on Sunday that Rome prosecutors are investigating Fazio's dealings in connection with insurance company Uni-pol Assicurazioni SpA's bid for Banca Nazionale del Lavoro SpA, a major Italian bank. The newspaper did not cite its sources.
Months earlier, Fazio was put under investigation for alleged abuse of power for his role in Banca Popolare Italiana's failed takeover war with Dutch bank ABN Amro Holding NV for Banca Antonveneta SpA, another Italian bank.
On Saturday, state radio reported that Fazio was being investigated by Milan prosecutors for suspected insider trading in connection with the Popolare bid.
Fazio has repeatedly denied any wrongdoing and has resisted calls for his resignation.
Meanwhile, political support for Economy Minister Giulio Tremonti's efforts to end Fazio's life term as governor has been building.
A special Cabinet meeting has been set for today to deal with the mounting banking scandal and is expected to pave the way for legislation to reform Italy's clubby banking industry, including rules for the governor's appointment and term.
Italian financial daily Il Sole 24 Ore reported on Sunday that Tremonti has so far won preliminary support from the European central bank for a transition term for Fazio after planned passage of legislation that would limit an Italian bank governor's tenure to five years.
News reports said Tremonti will ask the government to link the legislation to confidence votes in both chambers of parliament in the next few days to improve passage of the banking reform before the holiday break.
Premier Silvio Berlusconi's government holds a comfortable majority in parliament, and opposition lawmakers from the center-left have indicated that they would consider joining the ruling coalition for wide consensus on the reforms.
The Bank of Italy's Superior Council, which has the power to revoke Fazio's mandate, also was expected to meet today. A majority of council members must agree it is time to send the governor packing.
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