The Bank of Italy has issued
sanctions worth a total of 2.2 million euros against 27 former
members of the 'old' Banca Etruria, the central bank said
Friday.
Banca Etruria is one of four failed banks rescued by the
government last November.
The 27 including former board members will have to pay fines
ranging from 52,000 to 130,000 euros each, according to their
level of responsibility and the length of time during which they
held their posts.
The sanctions affecting former board members and managers of
the 'old' Banca Etruria are not the first fines issued by the
Bank of Italy against the Arezzo-based lender.
According to the central bank, some of those sanctioned this
week had already been fined in September 2014.
The sanctions issued at the time were worth 2.5 million
euros and followed an inspection the previous year.
Last month, a bankruptcy court in Arezzo declared the 'old'
Banca Etruria insolvent, upholding a request by bank
commissioner Giuseppe Santoni.
Following the ruling, prosecutors have opened a probe into
fraudulent bankruptcy.
Premier Matteo Renzi's government at the end of November
2015 stepped in to save Banca Marche, Banca Etruria, CariChieti
and CariFe, using financing from Italy's healthier banks.
The rescue saved jobs and protected account holders by
setting up four new banks, but rendered shares and bonds in the
'old' lenders worthless.
The case is sensitive for the government as Reform Minister
Maria Elena Boschi's father was a former vice president of Banca
Etruria.
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