Banca Progetto, the Interbank Fund approves the bailout

The board of the Interbank Deposit Protection Fund (Fitd) has given the go-ahead for the rescue of Banca Progetto. The decision by the mandatory consortium chaired by Mario Stella Richter is one of the steps of the complex operation that will see the intervention of the five major Italian banks to take over the bank and Amco for the management of impaired loans. The go-ahead for the operation, a director explained to Radiocor, "was a necessary act" in order to finalise the operation put in place by the two extraordinary commissioners of the bank, which was led, prior to the receivership, by Paolo Fiorentino. An intervention that will have a cost "slightly lower" than that disbursed for the rescue of Popolare di Bari, still notes, with regret, the exponent of the bank spa.