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 savings banks: Banca delle Marche, 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 feared that under the new rules a rescue could entail losses on bonds sold to retail clients.