January 8, 2019 / 10:00 AM / 6 months ago

Carige says to tap state guarantee for bonds but state recapitalisation unlikely

MILAN, Jan 8 (Reuters) - Italy’s Banca Carige said on Tuesday it would raise funding by tapping a state guarantee which the Rome government provided with an emergency decree approved late on Monday.

The bank added it was unlikely to turn to the state for capital. It said in a statement that the possibility of a precautionary state recapitalisation included in the government decree was a “a very marginal option.”

Italy’s government stepped in to support liquidity at Carige after the Genoa-based bank was put under temporary administration by the European Central Bank last week following a failed attempt to raise private capital. (Reporting by Valentina Za, editing by Giulio PIovaccari)

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