Brussels

EU working on 'sustainable solution' for Veneto banks (2)

With Italian authorities, ECB

EU working on 'sustainable solution' for Veneto banks (2)

Brussels, June 19 - The European Commission, the Euroepan Central Bank and Italian authorities are "working side by side to reach a sustainable solution" on Veneto banks Popolare di Vicenza and Veneto Banca "in line with EU rules", Margaritis Schinas, spokesperson for Commission President Jean-Claude Juncker, said Monday. An EC spokesman said last week that a solution for the troubled banks "is being found" that will not require a bail-in for senior bondholders. "The EC, the Single Supervisory Mechanism and Italian authorities are working side by side," he said. On Friday a consultant said the "frightful" damages caused to Veneto Banca by its former heads has been provisionally estimated at 2.3 billion euros.

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