Premier Paolo Gentiloni on Monday
defended the government's intervention for the two troubled
Veneto banks as "not just legitimate, but also dutiful".
He said the move was "certainly not for those responsible for
the collapse, but for others - two million clients, the small
and medium-sized enterprises, the regional economy".
On Sunday the European Commission said it had approved
Italian measures to facilitate the liquidation of BPVI and
Veneto Banca.
"Italy considers that State aid is necessary to avoid an
economic disturbance in the Veneto region as a result of the
liquidation of BPVI and Veneto Banca, who are exiting the market
after a long period of serious financial difficulties," said
Competition Commissioner Margrethe Vestager.
"The Commission decision allows Italy to take measures
tofacilitate the liquidation of the two banks: Italy will
support the sale and integration of some activities and the
transfer of employees to Intesa Sanpaolo.
"Shareholders and junior creditors have fully contributed,
reducing the costs to the Italian State, whilst depositors
remain fully protected.
"These measures will also remove 18 billion euros in
non-performing loans from the Italian banking sector and
contribute to its consolidation".
ALL RIGHTS RESERVED © Copyright ANSA
