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EC approves state guarantee for Popolare Vicenza, Veneto Banca debt

The European Commission approved Italian state guarantee for bonds that Banca Popolare di Vicenza SpA and Veneto Banca SpA plan to issue, saying the liquidity support is in line with EU state aid rules.

The Commission said the measure was "targeted, proportionate and limited in time and scope."

In December 2016, the two regional lenders received a €1 billion capital infusion from Italy's Atlante bank rescue fund. Italy then passed a decree allowing banks to secure a state guarantee on their debt. The country is preparing to provide a similar guarantee to Banca Monte dei Paschi di Siena SpA on its debt issues.