The elderly and those who have
lost the most will get preference in upcoming arbitration, free
of cost, for investors left with worthless bonds after the
rescue of four small lenders, Banca Etruria, Banca Marche,
CariFe and CariChieti, according to a draft decree seen by ANSA
Friday.
Twelve 'colleges' of five members each will be set up and
will make their recommendations to the National Anti-Corruption
Authority (ANAC) led by Raffaele Cantone.
Arbitration will take a maximum of 120 days and will be
decided by a majority vote.
The 'arbiters' will be tasked with deciding whether bank
officials who sold investors subordinated bonds - a relatively
risky investment instrument - did so according to the rules of
transparency and correct practice.
ALL RIGHTS RESERVED © Copyright ANSA
