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Report: Italian government may take control of Banca Carige

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Report: Italian government may take control of Banca Carige

Italian deputy prime minister Matteo Salvini said the government would consider taking control of Banca Carige SpA, Bloomberg News reported Jan. 9.

Although the Italian government said it will establish a €1.3 billion rescue fund aimed at preserving the Genoa bank's stability, Salvini's comments suggest a more robust approach from the state.

"I am sure that Europe will allow Italy to do what is good for Italians, that is to bring it under state control," Salvini said in Warsaw, the Polish capital, according to Bloomberg. "If there are profits, the state will receive them, not some private bodies."

Carige said earlier that it would use state-backed recapitalization as a last resort.

The lender was plunged into crisis earlier this month when the European Central Bank appointed temporary administrators, following the resignation of the majority of its board members. The ECB's action came as the bank faced pressure due to its weak capital position and widening losses.