“I won’t finish in hell, but I’ll do a thousand years in purgatory,” banker Giampiero Fiorani joked about himself. A strangely religious outlook for a banker, one might think, particularly when faced with the more pressing concerns of avoiding a possible jail sentence. Fiorani is currently under investigation by the Milan magistrature for a number of suggested irregularities, such as false accounting, some of which impinge upon the controversial attempt by his bank, Banca Popolare Italiana, to take over the Banca Antonveneta SpA in the face of competition from Dutch bank ABN Amro.

Of course banking and religion are historically uncomfortable but constant bed partners. The Knights Templar gained both influence an notoriety partly due to their proto-banking system, whereby they arranged credit transfers from Northern Europe to Palestine for arriving and returning crusaders. During the Renaissance, the Vatican regularly blessed financial support from bankers such as the Medici family. Historical associations, cemented in Italy visibly by the fact that so many banks carry saints’ name (including the ill-fated Banco Ambrosiano, named after Milan’s patron saint). Historical associations, you might say. Not particularly relevant in the 21st century.

For weeks now the complicated affair surrounding the take over of the Banca Antonveneta SpA has dominated the Italian press and TV. Daily calls have come from various quarters for the Governor of the Bank of Italy, Antonio Fazio, to resign. The reason? Because leaked tapes of phone conversations have revealed a close connection between Fazio, his wife, and our aforementioned banker Fiorani. Fazio, as Governor, has within his gift the power to authorize bank take overs. Despite the advice of his bank staff, and the seemingly stronger position of ABN Amro, Fazio authorized the take over in favour of Fiorani’s group BPI. In a telephone conversation, when Fazio broke this news to Fiorani, the purgatory bound banker