A fund to compensate
shareholders bilked in the failure of two bailed-out Veneto
banks, Veneto Banca and Banca Popolare di Vicenza, was proposed
in a bipartisan parliamentary motion Friday.
Bank of Italy oversight chief Carmelo Barbagallo told a
parliamentary commission on the banks crisis last week that
inadequate management, not poor surveillance, was to blame for
the failure of the two banks.
In July the Senate on Thursday gave final approval to the
government's decree to rescue the two medium-sized Veneto
lenders.
The legislation passed a confidence vote with 148 votes in
favour and 91 against.
In June Italy's biggest bank by market capitalisation Intesa
Sanpaolo took over the 'good' assets of the two insolvent
lenders for a symbolic price of one euro with the help of a
multi-billion euro government intervention to protect deposits
and jobs and avert the risk of them requiring a bail-in.
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