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Italy central bank governor: Bank rescue fund enough to recapitalize weak banks

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Italy central bank governor: Bank rescue fund enough to recapitalize weak banks

Italy central bank Governor Ignazio Visco said that the €20 billion bank rescue fund will be sufficient to recapitalize the country's struggling lenders, even after rescuing Banca Monte dei Paschi di Siena SpA, Reuters reported Jan. 28.

He said that only about a third of the fund will likely be used to recapitalize Monte dei Paschi.

Visco did not name any weak banks but analysts believe that Banca Popolare di Vicenza SpA, Veneto Banca SpA and Banca Carige SpA will likely need state aid to bolster their balance sheet soon, Reuters noted.