UniCredit has launched a new system to undertake a € 3.6bn rescue plan for one savings banks: Banca delle Marche , Banca Popolare dell'Etruria, Cassa di 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. According to the plan approved on Sunday by Matteo Renzi's government, four good banks and one single bad bank will be carved out of lenders Cassa di risparmio di Ferrara SpA, Banca delle Marche SpA, Banca popolare dell'Etruria e del Lazio SC and Cassa di risparmio The cost of the rescue will be borne by Italy 's healthy banks, such as The central bank of Italy , Intesa Sanpaolo and UBI Banca, which will pay into the newly-created Banca delle Marche , 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.
UniCredit has launched a new system to undertake a € 3.6bn rescue plan for one savings banks: Banca delle Marche , Banca Popolare dell'Etruria, Cassa di 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 The central bank of Italy , Intesa Sanpaolo and UBI Banca, which will pay into the newly-created Banca delle Marche , 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.