Brussels, 29/04/2016 (Agence Europe) - On Friday 29 April 2016, the European Commission concluded that extending the sale deadline for four Italian bridge banks until September complied with the European rules on State aid.
“This prolongation, as requested by Italy, should contribute to the successful conclusion of the ongoing sale of the four bridge banks”, Nuova Banca delle Marche, Nouva Banca Etruria, Nuova Cassa di Risparmio di Ferrara and Nuova Cassa di Risparmio della Provincia di Chieti, the European institution states in a press release. “In view of the prolongation of the sale deadline, Italy provided additional commitments to limit distortions of competition and to ensure that no new State aid would be granted to the bridge banks”, it added.
These four bridge banks were created in November 2015 when the Bank of Italy initiated the resolution of four Italian banks: Banca delle Marche, Banca Popolare dell'Etruria e del Lazio, Cassa di Risparmio di Ferrara and Cassa di Risparmio della Provincia di Chieti (see EUROPE 11436). The State aid approved was equivalent to €3.6 billion plus €400 million in the form of guarantees. (Original version in French by Mathieu Bion)