(see related stories)
European Competition
Commissioner Margrethe Vestager said Wednesday that the EU
executive has reached a deal with Rome on compensation for small
investors who lost money in four Italian banks saved last year
following government intervention.
"Yes, we have reached an agreement with the Italian
government," Vestager told reporters when asked about
compensation for the investors, many of whom say they were
deceived by the banks about the risks of buying bonds in them.
A 3.6-billion-euro rescue financed by healthy Italian
banks saved jobs and protected account holders but rendered
worthless shares and bonds in the four lenders - Banca Etruria,
Banca delle Marche, Cassa di Risparmio della Provincia di Chieti
(CariChieti) and Cassa di Risparmio di Ferrara (CariFe).
One of Banca Etruria's former bondholders committed
suicide after his life savings went up in smoke.
Rome needed a deal with Brussels to ensure that the
compensation did not break the new European bail-in rules.
Vestager also said Wednesday that she did not consider new
Italian bank fund Atlante to be an attempt by Rome to circumvent
EU rules against State aid.
"I don't think that the Italian government makes decisions
in order to avoid the rules on State aid," Vestager said.
"I think that they are trying to find the way to move
their banking system forward".
ALL RIGHTS RESERVED © Copyright ANSA
