Brussels, 20/07/2015 (Agence Europe) - On Saturday 18 July, the European Commission approved an Italian liquidation measure in favour of the small cooperative bank Banca Romagna Cooperativa-Credito Cooperativo Romagna Centro e Macerone (Banca Romagna Cooperativa).
This bank has been under special administration since 2013 and was put into liquidation on 17 July of this year. Its assets and liabilities, including deposits, were transferred to Banca Sviluppo, which is part of the ICCREA group. This will allow its assets to return to long-term viability within the new entity. Under the measure notified by Italy, the Italian deposit guarantee fund will cover the difference between the assets transferred and the liabilities.
Although this guarantee fund is acting beyond the reimbursement operations, the Commission found that the state aid it represented was compatible with its rules in such matters. The shares and subordinate debt will remain in the entity in liquidation, which means that the shareholders and junior bondholders will contribute to reduce the state aid as much as possible. (Élodie Lamer)