Reports surfaced on June 19 that the Italian banking sector may be ripe for consolidation. This speculation began to emerge after Governor Mario Draghi of the Bank of Italy had signaled his intention to open up the Italian banking market to merger activity once the bank's merger veto had been transferred to Italian antitrust authorities. The Bank of Italy, however, still reserves the power to overturn mergers since it is still responsible for regulating the purchase of stakes in regional and national banks. The first domestic merger is expected to involve Banca Intesa and Capitalia; Italy's second and fifth-largest banks. There are also rumors of third-placed SanPaolo IMI and fourth-largest Banca Monte dei Paschi di Siena entering into a merger.