ISSN (Print) - 0012-9976 | ISSN (Online) - 2349-8846

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Holding Companies for Government Enterprises-The Italian Experience

which is not widely known or appreciated abroad is the extent of State domination in the ownership and management of industrial undertakings and financial institutions in the country. Thus two large holding companies, the Industrial Reconstruction Institute (IRI) and the National Petrochemical Institute (ENI) own and manage between them hundreds of companies in the manufacturing and services sectors of the economy, accounting for a substantial part of national production, investment and employment. The extent of State ownership in the financial sector is seen not only in the dominant role of the Institute Mobiliare Italiano (IMI), the Government- owned term lending institution, but also in other term lending, banking and other financial institutions owned and controlled by the Industrial Reconstruction Institute (IRI). Among the companies controlled by IRl/ENI are also such internationally well known ones as Alitalia and Montecatini Edison.

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