The Bank of Italy, by its order of 21 November 2013, approved by the Ministry of Economy and Finance, authorizes the implementation of a solution for Banca delle Marche, Banca Popolare dell'Etruria e del Lazio, Cassa di Risparmio di Ferrara, and Cassa di Risparmio della Provincia di Chieti, all under special administration.
The solution, which takes effect as of 10 pm on 22 November 2015, satisfied all the legal prerequisites and is being carried out in accordance with a resolution plan that guarantees the continuity of the credit and financial services provided by the four banks in their local markets.
In view of the losses that have been recognized, under the plan the reserves, share capital and nominal value of the subordinated liabilities included in equity are written off, extinguishing the corresponding administrative and ownership rights.
The Bank of Italy also orders the sale of the banks to Nuova Banca delle Marche SpA, Nuova Cassa di Risparmio di Ferrara SpA, Nuova Cassa di Risparmio di Chieti SpA and Nuova Banca dell’Etruria e del Lazio SpA, respectively. Subordinated liabilities not included in equity will not be transferred.
The four new banks have been recapitalized by the Resolution Fund and continue to conduct business normally.
Pursuant to Article 47 of Legislative Decree 180/2015, the Bank of Italy has published an extract of the transfer order in favour of Nuova Banca delle Marche SpA, Nuova Cassa di Risparmio di Ferrara SpA, Nuova Cassa di Risparmio di Chieti SpA and Nuova Banca dell’Etruria e del Lazio SpA.