The European Commission on
Friday approved extending the time limit for the sale of four
rescued banks - Banca delle Marche, Banca Etruria, Cassa di
Risparmio di Ferrara and Cassa di Risparmio di Chieti.
The EC said the operation "is in line with EU norms on
State aid".
The new time limit requested by Italy, like the previous
one, has not been divulged "with the aim of protecting the
effectiveness of the sale process...which must be open and
non-discriminatory".
The four banks were capitalized with 3.6 billion euros from
a State bailout fund - with EC approval - plus roughly 400
million euros in State-backed guarantees.
Italy at the time committed to keeping them on their feet
for a limited amount of time in the interests of limiting market
distortion. The government pledged it won't give the four banks
any more aid, pending their sale.
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