Jonathan Hill, the
European commissioner for financial stability and services, said
Thursday that the Italian government should take sole
responsibility for its controversial plan to rescue four
crisis-hit small banks.
"The Italian government led the process and has
responsibility for it," Hill said.
On Wednesday the Commission denied an assertion by the
Bank of Italy that it had denied permission to use the Interbank
Safeguard Fund (FIT) to soften the plan.
Many small investors who bought bonds in the four banks
have lost their money.
"The government discussed (the plan) at length with the
Commission, in particular with the competition directorate
general, which regarded the measures taken as compatible with EU
legislation," Hill said.
The four banks rescued by the government leaving
bondholders empty-handed, CariChieti, CariFerrara, Cassa Marche
and Banca Etruria, "sold people inadequate products" and that
had "personal consequences for some people in Italy", Hill added
Thursday.
One of the penniless former bondholders committed suicide.
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