Both had joined the bank recently. ECB (ECB) has taken control of Italy ’s Banca Carige’s following the resignation of the majority of its board of directors, after they failed to raise much-needed capital. The ECB promptly established a six -person team to manage the struggling mid-sized bank, the 10th occasion it has done so since gaining greater powers to oversee lenders in 2017 . Italy ’s struggling economy and political disorder has lent extra weight to Banca Carige fate potentially impacting the eurozone’s financial system. The ECB ’s intervention appears to have encouraged investors that a larger crisis is not imminent, but uncertainty over the lender could yet provoke problems.
ECB (ECB) has taken control of Italy ’s Banca Carige’s following the resignation of the majority of its board of directors, after they failed to raise much-needed capital. The ECB promptly established a six -person team to manage the struggling mid-sized bank, the 10th occasion it has done so since gaining greater powers to oversee lenders in 2017 . Italy ’s struggling economy and political disorder has lent extra weight to Banca Carige fate potentially impacting the eurozone’s financial system. The ECB ’s intervention appears to have encouraged investors that a larger crisis is not imminent, but uncertainty over the lender could yet provoke problems.