Economy Minister Pier Carlo Padoan said Friday there would be no problem with a delay in the sale of the four 'good banks' set up last year to save the accounts and jobs of four insolvent lenders. Padoan said that talks with the European anti-trust authorities was over and Italy had provided all the relevant documentation required.
"There should not be any problems in delaying the deadline for the sale of the four banks," he said. The four banks, Banca Etruria, Banca Marche, Cassa di Risparmio della Provincia di Chieti (CariChieti) and Cassa di Risparmio della Provincia di Ferrara (CariFe) were rescued saving jobs and deposits but shares and bonds were rendered worthless, causing one bondholder to commit suicide. The government is setting up a compensation package for the bondholders, many of whom say they were duped into buying risky bonds.
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