EC blocked interbank safeguard fund on bank rescues (2)

(ANSA) - Rome, December 9 - The European Commission prevented the Interbank Safeguard Fund (FIT) from intervening in the recent rescue of four regional lenders, the Bank of Italy said Wednesday. FIT's intervention "was not possible because of the opposition shown by offices of the European Commission, which we didn't share," the head of the Bank of Italy's oversight committee, Carmelo Barbagallo, told the House. A government-led rescue plan approved last month sees the banking sector itself cover most of the cost of saving Banca delle Marche, Banca Popolare dell'Etruria e del Lazio, Cassa di Risparmio della Provincia di Chieti and Cassa Di Risparmio di Ferrara.