January 8, 2019 / 12:14 PM / in a month

Italy's FITD fund to meet on Wednesday over Carige's bond-source

ROME, Jan 8 (Reuters) - Italy’s FITD depositor protection fund will meet on Wednesday over a request by Banca Carige to change the terms of a hybrid bond the troubled bank sold to the fund to raise second-tier capital, a source familiar with the matter said.

The special commissioners who have taken over the running of Banca Carige met on Monday with the heads of the fund to seek a reduction of the 16 percent rate the bank pays on the bond.

The FITD fund, which is financed by the country’s lenders, ran to Carige’s rescue in November through its voluntary arm buying a 320 million euro hybrid bond. (Reporting by Stefano Bernabei, writing by Valentina Za, editing by Francesca Landini)

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