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Two Italian Zombie Banks Toppled Friday Night

June 24th, 2017
Categories: News

Link: http://www.blacklistednews.com/Two_Italian_Zombie_Banks_Toppled_Friday_Night/59318/0/38/38/Y/M.html

Two banks that have been prominent zombies in the Italian banking crisis: Veneto Banca and Banca Popolare di Vicenza, in northeastern Italy. The banks have combined assets of €60 billion, a good part of which are toxic and no one wanted to touch them. They already received a bailout but more would have been required, ECB had given the banks time to present capital plans, but the banks had been unable to offer credible solutions. Consequently, the ECB deemed that both banks were failing or likely to fail and informed the Single Resolution Board (SRB), which concluded that the conditions for a resolution action in relation to the two banks had not been met. The banks will be wound up under Italian insolvency procedures.

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