December 20, 2019 / 4:13 PM / 2 months ago

Italian banking fund delays decision on Popolare Bari rescue to Jan

MILAN, Dec 20 (Reuters) - A depositor guarantee fund financed by Italian banks will delay a decision on how much money it intends to inject in the rescue of ailing lender Banca Popolare di Bari until January, the fund’s chairman said on Friday.

The Bank of Italy put Popolare di Bari, the biggest lender in the poorer south of the country, under special administration last week and the government has passed emergency measures worth up to 900 million euros ($997.5 million) to prop up the bank.

According to government sources, the FITD depositor fund should contribute to the rescue with 500 million euros, but the fund’s chairman, Salvatore Maccarone, said it was not clear yet how much money the bank would need.

“We postponed everything to another meeting that will take place as soon as we have all the elements we need to decide,” Maccarone told reporters a meeting of the FITD board in Milan.

“I don’t think anything is going to happen next week.”

($1 = 0.9023 euros)

Reporting by Andrea Mandala, writing by Gianluca Semeraro, editing by Silvia Aloisi

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