Budget amendment sets up bank victims' fund (3)

25 mn a year for 2018, 2019

(ANSA) - Rome, November 28 - An amendment to the 2018 budget sets up a 50-million-euro fund, 25 million a year for both 2018 and 2019, for the bilked victims of Italy's banking crisis, sources said Tuesday. The "financial restoration fund" aims to compensate "savers who have suffered unfair damages, not otherwise compensated, in breach of the obligations of information, diligence, correctness and transparency" laid down by banking regulations. Thousands of small investors lost their life savings in junior bonds banks told them were safe. The most notorious cases were those of Banca Etruria, Banca Marche, Cassa di Risparmio della Provincia di Ferrara and Cassa di Risparmio della Provincia di Chieti.
    One Banca Etruria former investor, Luigino D'Angelo, killed himself.
    There other cases involving Veneto banks Banca Popolare di Vicenza and Veneto Banca, as well as other lenders.


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