RESCUE OF VENETO BANKS IN 2017
The Bank of Italy describes in details to the Parliament, Commission Finance, the details of the rescue of Veneto Banks undertaken in 2017.
On the 23rd of June 2017 the European Central Bank - ECB declared the risk of default of the Veneto Banca S.p.A. and Banca Popolare di Vicenza. The ECB decided that the resolution procedure (see Bail in and banking crisis' solution) was not in the best interest of the system, and started a national rescue procedure. The two banks have been closed and their good assets have been purchsed by Intesa Sanpaolo Group, except certain liabilities.
This document provides further details.