Did Italy bring forward the application of the bail-in provision when the four banks were put into resolution in November 2015?

Italy took advantage of an option offered by the BRRD to postpone the entry into force of the bail-in provision to 2016. This meant that it was possible to apply only the burden sharing system to the four banks put into resolution in November 2015 – so that both shareholders and subordinated bondholders had to absorb the losses – and to avoid bail-in, which would instead have required a sacrifice on the part of senior bondholders as well and possibly unprotected depositors.