ECB looks to unlock capital block for Carige

By Jasper Cox
03 Jan 2019

It might be a new year but the same old problems are haunting the Italian banking sector. On Wednesday the European Central Bank took the unprecedented step of appointing administrators to run struggling Banca Carige. The supervisor hopes that the intervention will solve long-standing governance problems, but it may not be enough for the bank to pull off an equity raise and ensure its survival.

After a majority of the Italian bank’s board resigned, the ECB this week appointed three temporary administrators “in order to stabilise its governance and pursue effective solutions for ensuring sustainable stability and compliance”.

The departures came after shareholders blocked a plan to raise fresh equity at a meeting ...

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