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Parliamentary questions
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17 April 2019
Question for written answer E-001889-19
to the Commission
Rule 130
Mara Bizzotto (ENF)

 Subject:  Illegitimate Commission decision on the Italian bank crisis — urgent request for compensation
 Answer in writing 

The Commission’s 2014 decision that the intervention by the Italian Interbank Deposit Protection Fund (Fondo Interbancario per la tutela dei depositi (FITD)) in support of Banca Tercas constituted ‘unlawful state aid’ has cost the Italian banking system around EUR 12 billion (EUR 6.5 billion from the resolution fund, EUR 2.5 billion from the Atlante Fund and EUR 1 billion in contributions to replenish the resolution fund and compensate savers). Not being able to use the FTID prevented the bail-out of Banca Popolare di Vicenza and Veneto Banca and saw the bail-in tool being used for four other Italian banks. The situation has had very serious financial and social repercussions for thousands of Italians who lost their savings and a large number of enterprises which had made investments. In its judgment of 19 March 2019, the European Court of Justice found that use of the FITD was both legitimate and in line with EC law in the case of the Italian bank crisis, and therefore annulled the Commission decision.

Can the Commission state:
1. Why it was that FITD support for Italian banks was deemed to be unlawful?
2. How and when compensation will be made for the very serious losses incurred by savers, enterprises and banks in Italy?
Original language of question: IT 
Last updated: 2 May 2019Legal notice