Premier Matteo Renzi said Wednesday
that troubled lender Banca Popolare Vicenza (BPV) is safe thanks
to Italy's new Atlante bank fund.
The government orchestrated the fund to help shore up the
sector, which has been hit by the burden of billions of bad
loans, but it is financed by Italy's healthy banks.
"With Atlante Vicenza is being saved," Renzi said.
"I say to investors that finally the market has become the
master in Italy".
BPV was refused a bourse listing on Monday and Atlante is
taking a 99.33% stake, having underwritten a capital increase to
the tune of 1.5 billion euros.
Renzi also said government measures on recouping credits
were also giving the financial sector a boost.
"With the Atlante fund and the decree that reduces from
six-to-eight years to six-to-eight months the time to recover
impaired credits there is a medium-term solution that will make
it possible to get out of the holes," Renzi said.
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