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Italy's Padoan says no more 'brushfires' endangering banks
July 6, 2017 / 7:31 AM / 5 months ago

Italy's Padoan says no more 'brushfires' endangering banks

ROME (Reuters) - Italian Economy Minister Pier Carlo Padoan said on Thursday there were no more “brushfires” threatening other banks after the two Veneto-based banks the government wound down last month.

Italy's Economy Minister Pier Carlo Padoan attends a news conference at Chigi Palace in Rome, Italy, June 25, 2017. REUTERS/Alessandro Bianchi

“There are certainly no other brushfires of crisis,” he told a radio programme.

Italy last month began winding up two failed lenders in the northern region of Veneto, Banca Popolare di Vicenza and Veneto Banca, in an intervention the government said was necessary to save the economy of the area.

The deal could cost the state up to 17 billion euros ($19 billion) and will leave the lenders’ good assets in the hands of the nation’s biggest retail bank, Intesa Sanpaolo (ISP.MI).

Reporting By Philip Pullella, editing by Giulia Segreti

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