Italian governor criticises bank resolution rules
Commission policy made use of deposit funds "impossible" for Italian failing banks, Visco says
The European Union's bank recovery and resolution directive (BRRD) may cause financial instability, Italy's central bank governor warned on May 5.
Ignazio Visco also criticised the European Commission's policy on state aid to troubled banks, in his speech at the European University Institute.
The BRRD meant "a wide range of liabilities are subject to bail-ins" with large corporate sight deposits included". Under the BRRD, there was also "a rather short learning time provided to creditors".
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