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Italy says working with EU authorities to find solution for Veneto banks
May 25, 2017 / 9:55 AM / 4 months ago

Italy says working with EU authorities to find solution for Veneto banks

MILAN, May 25 (Reuters) - Italy is working with European authorities to rapidly find a solution for Popolare di Vicenza and Veneto Banca, the country’s economy minister said, as investors fretted the two regional lenders may fail to get the state aid they have requested.

A state bailout of the two banks appears at risk after EU authorities on Wednesday stood by their demand of a 1 billion euro ($1.1 billion) private capital injection into the rescue, rejecting Italian requests of a smaller private contribution.

Italian Economy Minister Pier Carlo Padoan said in a statement that Wednesday’s meeting in Brussels was only one of numerous steps which are part of technical discussions over the bailout request.

“Talks with European authorities continue with a shared goal of agreeing a solution that guarantees the stability of the two Veneto-based banks and fully preserves savers, in compliance with European rules,” the statement said. ($1 = 0.8912 euros) (Reporting by Valentina Za; editing by Francesca Landini)

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