The ECB intervenes with the Italian Banca Carige – La Provincia

The ECB intervenes with the Italian Banca Carige - La Provincia


TheEuropean Central Bank(BCE) has appointed this Wednesdaythree temporary administrators,as well as a three-member vigilance committee,to take over Banca Carigeand replace its board of directors, after the resignation of the majority of the board members of the Italian entity.

In this way, the institution has designatedFabio Innocenzi, Pietro Modiano and Raffaele Leneras temporary administrators of Banca Carige. In addition, the ECB also appointed Gianluca Brancadoro, Andrea Guaccero and Alessandro Zanotti as members of the Banca Carige surveillance committee.

The resignation of most of Banca Carige's board made it necessary to appoint a temporary administration to manage the bank in order to stabilize its management and seek effective solutions to guarantee sustainable stability and compliance, the central bank said in a statement.

"The decision to impose a temporary administrationis a measure of early intervention aimed at ensuring continuityand to pursue the objectives of a strategic plan, "said the central bank, stressing that the appointment of the temporary administration" results in the removal of the management and control bodies of Banca Carige ".

Temporary administrators are tasked with preserving the stability of a bank by closely monitoring their situation and continuously informing the ECB and, if necessary, taking measures to ensure that the bank restores compliance with capital requirements in a sustainable manner.

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