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European Central Bank Moves to Wind Down Two Italian Banks

RisingWorld
2 years ago|1 view
European Central Bank Moves to Wind Down Two Italian Banks
But Veneto Banca and Banca Popolare di Vicenza are the first Italian banks to be declared effectively dead by the European Central Bank and wound down
By JACK EWINGJUNE 23, 2017
The European Central Bank effectively euthanized two small Italian banks late Friday, in another sign
that the eurozone financial system remains vulnerable even as the economy improves.
The central bank said in a statement that Veneto Banca
and Banca Popolare di Vicenza, both based in northern Italy, had failed or were likely to fail because they did not have enough capital to meet regulatory requirements.
The action is likely to raise questions about Monte dei Paschi di Siena, an Italian bank
that suffers from some of the same problems as the two banks that failed but is much larger.
The Italian government has established a 20 billion euro (about $22.4 billion)
fund to supply capital to Monte dei Paschi and other troubled Italian banks.