Giada Zampano contributed to this article Write to Giovanni Legorano at giovanni.legorano@wsj.com The central bank of Italy has launched a new system to undertake a € 3.6bn rescue plan for four Italian banks : Banca delle Rose , Banca Popolare dell'Etruria , Cassa di Risparmio di Ferrara and Cassa di Risparmio di Chieti , which were all put under special administration in the last two years after auditors revealed holes in their accounts . The cost of the rescue will be borne by Italy 's healthy banks , such as UniCredit , Intesa Sanpaolo and UBI Banca , which will pay into the newly - created National Resolution Fund , and not by taxpayers . Although the banks are not large enough to pose a systemic risk to Italy 's banking system , it is possible that under the new rules a rescue could entail default on bonds sold to retail clients .
The central bank of Italy has launched a new system to undertake a € 3.6bn rescue plan for four Italian banks : Banca delle Rose , Banca Popolare dell'Etruria , Cassa di Risparmio di Ferrara and Cassa di Risparmio di Chieti , which were all put under special administration in the last two years after auditors revealed holes in their accounts . The cost of the rescue will be borne by Italy 's healthy banks , such as UniCredit , Intesa Sanpaolo and UBI Banca , which will pay into the newly - created National Resolution Fund , and not by taxpayers . Although the banks are not large enough to pose a systemic risk to Italy 's banking system , it is possible that under the new rules a rescue could entail default on bonds sold to retail clients .