Intesa Sanpaolo takes over Veneto banks (2)

(ANSA) - Rome, June 26 - The Bank of Italy said on Monday that Intesa Sanpaolo had taken over the 'good' assets of two insolvent lenders, Veneto Banca and Banca Popolare di Vicenza, for a symbolic price of one euro.
    The move prevents a disorderly failure of the medium-sized banks and the rescue, which sees the new good banks stripped of their non-performing loans, will require some 5.2 billion euros in public money. Intesa San Paolo said Monday that the deal safeguards jobs and accounts.
    There had been fears that some account-holders would lose money if the two banks were forced into a bail-in. But Intesa San Paolo also stressed that the contract to buy the some of the activities of Popolare Vicenza and Veneto Banca features a termination clause in the case that there are problems with a government decree for the rescue of the banks. The Bank of Italy said former Banca Popolare di Vicenza Fabrizio Viola was among the liquidators of the two banks.