European Competition Commissioner Margrethe Vestager said Italy's moves to avert a bail-in of two medium-sized banks, Veneto Banca and Banca Popolare di Vicenza (BPVI), had not "circumvented" EU rules.
"The set of rules that we have leaves space to the differences (of the various banking systems)," Vestager said.
She added that the Commission was authorized by the legislator to "use the rules to render the system stable and serve the rest of the economy". The government is putting in around 5.2 billion euros to facilitate the liquidation of BPVI and Veneto Banca. Intesa Sanpaolo had taken over the 'good' assets of the two lenders for a symbolic price of one euro, a move that protects deposits and jobs.
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