Banca Etruria was commissioned by the Bank of Italy as a result of the "serious losses of assets" that emerged during the inspections, which are still ongoing. The news came after via Nazionale had asked the popular institute to find a partner of high standing for an aggregation. On Saturday, the top management of Banca Arezzo was at the Forex congress to listen to the Governor of the Bank of Italy, Ignazio Visco.
The receivership was in fact carried out while the bank's board of directors, chaired by Lorenzo Rosi, was meeting to approve the group's preliminary results for the year 2014 (a loss of over 140 million is expected). During the meeting, the new bodies appointed by Palazzo Koch arrived at the Bank's headquarters and notified the dissolution of the board of directors imposed by the Treasury at Bankitalia's request.
The two commissioners take over the leadership of Banca Etruria Riccardo Sora and Antonio Pironti, who in the evening summoned leaders and trade union organizations to take stock of the situation. At their side Paola Leone, Silvio Martuccelli and Gaetano Maria Giovanni Presti as members of the Supervisory Committee.
The losses, explained the bank in a note released in the evening, are due to “significant adjustments to the loan portfolio“, given that the amount of doubtful and non-performing loans compared to total loans to customers has soared in recent months. With the launch of the extraordinary administration procedure, under the supervision of Bank of Italy, the new top management will have to "conduct the business according to criteria of sound and prudent management and identify the necessary initiatives to overcome the corporate crisis".
Until 24 hours ago, the vice president of Banca Etruria was the father of the minister of reforms, Mary Helen Woods, which published the following tweet: “The Government, on a proposal from the Bank of Italy, has placed Banca Etruria in the receivership. Will they stop saying there are privileges? Dura lex, sed lex”.
