ROME: Italian banks must stump up a further 1.5 billion euros to ensure the sale of four small banks rescued by the state in 2015, the Bank of Italy said on Tuesday.
Italy drew nearly 4 billion euros ($4.28 billion) from a crisis fund paid into by healthy banks to rescue the four small lenders from the brink of collapse, and is now trying to sell them to comply with European rules. “To close the sale of the four banks, the fund needs to take on further commitments, amounting to 1.5 billion euros,” Bank of Italy Chief Supervisor Carmelo Barbagallo told a Senate Commission. Three of the four banks are due to be sold to Italy’s fifth-largest lender UBI. Talks to take over the fourth are still ongoing.
