The government is setting up a
five-billion-euro fund to shore up Italy's banks, sources said
Monday.
The fund with limited participation from Italian state
lender Cassa Depositi e Prestiti (CDP) will back capital
increases for troubled banks and help clean up non-performing
loans, according to participants at a meeting between the
treasury ministry and executives from Italy's leading banks.
The stock market closed in positive ground earlier as
investors snapped up bank shares ahead of the meeting.
The CEOs of Banco Popolare, Banca Popolare di Milano,
Intesa Sanpaolo, BNL, Popolare Emilia Romagna, Credito Emiliano
and Credito Valtellinese were seen going in to the meeting.
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