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Italian banks consider conditions set by CCB for Carige rescue unacceptable - press

Italian banks consider conditions set by CCB for Carige rescue unacceptable - press
FILE PHOTO: The Carige bank logo is seen in Rome, Italy, April 16, 2016. REUTERS/Stefano Rellandini   -   Copyright  Stefano Rellandini(Reuters)
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MILAN (Reuters) – Italian depositor guarantee fund FITD, financed by the country’s lenders, does not consider acceptable some of the conditions set by cooperative bank Cassa Centrale Banca to join a rescue plan for ailing Carige <CRGI.MI>, daily Il Sole 24 Ore said on Wednesday.

Cassa Centrale Banca (CCB) asked to reduce the size of its future investment in Carige and a timeline of four years to buy FITD shares in the Genoa-based lender at a high discount, according to the report.

Talks were still ongoing, as a CCB board meeting is scheduled on Wednesday, the report added.

FITD kicked off on Tuesday a 900 million euro (804 million pounds) rescue process for Carige via the conversion of around 313 million euros of a bond into shares, ahead of a Thursday deadline set by the European Central Bank to find a solution for the troubled lender.

(Reporting by Giulio Piovaccari; editing by Christian Schmollinger)

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