The Bank of Italy's resolution fund for banks ended 2016 2.59 billion euros in the red, the BoI said Friday. The fund, which is separate from the BoI itself and financed by Italian banks, was hit by the sale of four rescued banks - Banca Etruria, Banca Marche, CariFe and CariChieti - which devalued its stocks by 1.4 billion, and by a one-billion-euo payment for the recapitalisation of bridging entities, the BoI said. The four banks were rescued by the government and new healthy versions have now been set up. When they went to the wall they left many bondholders holding worthless paper, and one small investor killed himself. photo: BoI Governor Ignazio Visco
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