January 7, 2019 / 10:12 PM / 11 days ago

Italy decree allows Carige access to state support for liquidity

ROME/MILAN (Reuters) - The Italian government approved a decree on Monday aimed at propping up Banca Carige (CRGI.MI), giving it access to state-backed guarantees for new bond issues and funding from the Bank of Italy.

The troubled bank, which last year failed to secure shareholder backing for a capital increase, can also request access to a state-backed precautionary recapitalisation scheme if needed, the government said in a statement.

According to a financial source close to the matter, Carige would only request help with the precautionary recapitalisation if new and unforeseen problems arose.

Reporting by Giuseppe Fonte and Valentina Za, writing by Stephen Jewkes

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