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

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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.