EC approves state aid for two Italian banks
Small regional banks will receive about €5 billion, having avoided resolution
The European Commission (EC) has reversed its previous policy, and has allowed the Italian government to use state funds to rescue two small Italian banks, Veneto Banca and Banca Popolare di Vicenza (BPVI).
The European Central Bank (ECB) decided on June 23 that both Italian banks were “failing or likely to fail” and referred them to the Single Resolution Board (SRB). The SRB announced on the same day that taking the banks into resolution was not in the public interest, it said.
After the SRB
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