{"id":42205,"date":"2019-01-02T08:04:38","date_gmt":"2019-01-02T13:04:38","guid":{"rendered":"https:\/\/olduvai.ca\/?p=42205"},"modified":"2019-01-02T08:04:38","modified_gmt":"2019-01-02T13:04:38","slug":"ecb-takes-unprecedented-step-of-putting-italys-banca-carige-in-administration","status":"publish","type":"post","link":"https:\/\/olduvai.ca\/?p=42205","title":{"rendered":"ECB Takes &#8220;Unprecedented&#8221; Step Of Putting Italy&#8217;s Banca Carige In Administration"},"content":{"rendered":"<div id=\"block-zerohedge-page-title\" class=\"block block-core block-page-title-block\">\n<h3 class=\"page-title\"><a href=\"https:\/\/www.zerohedge.com\/news\/2019-01-02\/banca-carige-shares-suspended-ecb-appoints-monitors-troubled-lender\"><span class=\"field field--name-title field--type-string field--label-hidden\">ECB Takes &#8220;Unprecedented&#8221; Step Of Putting Italy&#8217;s Banca Carige In Administration <\/span><\/a><\/h3>\n<\/div>\n<div id=\"block-zerohedge-content\" class=\"block block-system block-system-main-block\">\n<article class=\"node node--type-article node--view-mode-full\" role=\"article\" data-gtm-vis-recent-on-screen-2077925_22=\"1195\" data-gtm-vis-first-on-screen-2077925_22=\"1195\" data-gtm-vis-total-visible-time-2077925_22=\"100\" data-gtm-vis-has-fired-2077925_22=\"1\">\n<footer class=\"node__meta\">\n<div class=\"submission-wrapper\"><\/div>\n<\/footer>\n<div class=\"node__content\">\n<div class=\"clearfix text-formatted field field--name-body field--type-text-with-summary field--label-hidden field__item\">\n<p>Investors who had hoped that the resolution of Italy&#8217;s budget showdown with the EU would mark an end to a volatile period for Italian bonds and stocks were disappointed Wednesday when fears about an Italian banking crisis reemerged after the ECB appointed a slate of temporary administrators to oversee troubled Italian lender Banca Carige after nearly its entire board resigned.<\/p>\n<p>Earlier on Wednesday, Consob, Italy&#8217;s market watchdog, said it had suspended trading in shares of Banca Carige for the session following a request by the bank, according to <a href=\"https:\/\/www.cnbc.com\/2019\/01\/02\/italys-watchdog-reportedly-suspends-trading-in-carige-shares.html\">Reuters.<\/a><\/p>\n<p><a href=\"https:\/\/www.zerohedge.com\/sites\/default\/files\/inline-images\/2019-01-02_4-14-17.jpg?itok=qU9JyHaT\" data-image-external-href=\"\" data-image-href=\"\/sites\/default\/files\/inline-images\/2019-01-02_4-14-17.jpg?itok=qU9JyHaT\" data-link-option=\"0\"><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/www.zerohedge.com\/sites\/default\/files\/inline-images\/2019-01-02_4-14-17.jpg\" srcset=\"https:\/\/www.zerohedge.com\/sites\/default\/files\/styles\/inline_image_desktop\/public\/inline-images\/2019-01-02_4-14-17.jpg?itok=qU9JyHaT 1x\" alt=\"\" width=\"500\" height=\"262\" data-entity-type=\"file\" data-entity-uuid=\"117c74c9-3dca-4f8b-9b2d-85dbb8f92296\" data-responsive-image-style=\"inline_images\" \/><\/a><\/p>\n<p>European bank stocks dropped while bonds rallied as fears about softer-than-expected factory orders across the Continent were compounded by the developments in Italy (which proved an exception to the trend of weak PMIs).<\/p>\n<p><a href=\"https:\/\/www.zerohedge.com\/sites\/default\/files\/inline-images\/2019.01.02banca.jpg?itok=3QpbJg9Q\" data-image-external-href=\"\" data-image-href=\"\/sites\/default\/files\/inline-images\/2019.01.02banca.jpg?itok=3QpbJg9Q\" data-link-option=\"0\"><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/www.zerohedge.com\/sites\/default\/files\/inline-images\/2019.01.02banca.jpg\" srcset=\"https:\/\/www.zerohedge.com\/sites\/default\/files\/styles\/inline_image_desktop\/public\/inline-images\/2019.01.02banca.jpg?itok=3QpbJg9Q 1x\" alt=\"Banca\" width=\"500\" height=\"257\" data-entity-type=\"file\" data-entity-uuid=\"8a50b869-279e-4284-926b-46eb6b4a86c5\" data-responsive-image-style=\"inline_images\" \/><\/a><\/p>\n<div id=\"el_779360863\" data-google-query-id=\"CMvy05GUz98CFc3FwAodxJwOgQ\">\n<div id=\"google_ads_iframe_\/5206\/invc.zerohedge\/economics_news_1__container__\">With the bank teetering on the brink of insolvency, the ECB appointed three temporary administrators and a surveillance committee to &#8220;take charge&#8221; of the lender. The board quit after the bank missed a deadline to shore up its finances, or find a buyer or merger partner, after a fraud scandal, according to <a href=\"https:\/\/www.ft.com\/content\/3ef79716-0e69-11e9-a3aa-118c761d2745\">the Financial Times<\/a>.<\/div>\n<\/div>\n<blockquote><p>Fabio Innocenzi, Pietro Modiano and Raffaele Lener have been appointed as temporary administrators while Gianluca Brancadoro, Andrea Guaccero and Alessandro Zanotti have appointed as members of the surveillance committee.<\/p><\/blockquote>\n<p>The &#8220;unprecedented&#8221; move &#8211; as Bloomberg called it &#8211; follows a failed attempt to raise some 400 million euros last month after the Malacalza family, the billionaire shareholders who control nearly one-third of Carige, abstained from a vote on a turnaround plan, which sought to fill the capital hole left by the fraud scandal.<\/p>\n<p><a href=\"https:\/\/www.zerohedge.com\/sites\/default\/files\/inline-images\/2019.01.02carige.JPG?itok=tkFA7Z5I\" data-image-external-href=\"\" data-image-href=\"\/sites\/default\/files\/inline-images\/2019.01.02carige.JPG?itok=tkFA7Z5I\" data-link-option=\"0\"><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/www.zerohedge.com\/sites\/default\/files\/inline-images\/2019.01.02carige.JPG\" srcset=\"https:\/\/www.zerohedge.com\/sites\/default\/files\/styles\/inline_image_desktop\/public\/inline-images\/2019.01.02carige.JPG?itok=tkFA7Z5I 1x\" alt=\"Carige\" width=\"500\" height=\"258\" data-entity-type=\"file\" data-entity-uuid=\"84a7c180-0c2b-4844-931f-de9a52432da1\" data-responsive-image-style=\"inline_images\" \/><\/a><\/p>\n<p>\u2026click on the above link to read the rest of the article\u2026<\/p>\n<\/div>\n<\/div>\n<\/article>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>ECB Takes &#8220;Unprecedented&#8221; Step Of Putting Italy&#8217;s Banca Carige In Administration Investors who had hoped that the resolution of Italy&#8217;s budget showdown with the EU would mark an end to a volatile period for Italian bonds and stocks were disappointed Wednesday when fears about an Italian banking crisis reemerged after the ECB appointed a slate [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[2],"tags":[22920,83,233,282,8262,3076,1464,4318],"class_list":["post-42205","post","type-post","status-publish","format-standard","hentry","category-economics","tag-banca-carige","tag-bloomberg","tag-ecb","tag-european-central-bank","tag-financial-times","tag-insolvency","tag-italy","tag-zerohedge"],"_links":{"self":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/42205","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=42205"}],"version-history":[{"count":1,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/42205\/revisions"}],"predecessor-version":[{"id":42206,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/42205\/revisions\/42206"}],"wp:attachment":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=42205"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=42205"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=42205"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}