EU OKs four rescued banks sale extension (2)

(ANSA) - Brussels, April 29 - 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.