EU may stop Italy’s plan to repay savers hit by bank rescues: junior minister

ROME (Reuters) – The European Commission may reject an Italian plan to reimburse retail savers hit by recent bank rescues, Economy Ministry Undersecretary Massimo Bitonci said on Tuesday.

Italy’s 2019-2021 budget earmarked 525 million euros a year to repay shareholders in lenders wound down between Nov. 16, 2015 and Jan. 1, 2018.

A string of bank crises handled under new EU rules imposing losses on investors in a lender have left thousands of ordinary Italians out of pockets in recent years.

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