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Report: Italy readies plan for state-backed fund

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Report: Italy readies plan for state-backed fund

The Italian government's plan to create a state-backed fundthat could buy bad loans and help plug capital holes at troubled banks shouldbe ready by April 11, Reuters reported April 7, citing "two sources closeto the matter."

One of the sources said the government has been working withthe European Commission to ensure that the plan complies with EU rules.

The fund, to be majority owned by private investors, willalso include state lender Cassa depositi e prestiti SpA, according to the report.