"Without the decree they would have paid", with the subsequent application of the bail-in to the 4 banks (Carife, Carichieti, Banca Marche and Banca Etruria), "even depositors (above 100 thousand euros) and ordinary bondholders". This was stated by Carmelo Barbagallo, Head of the Bank of Italy's Supervision Department during the hearing before the Finance Commission of the Chamber, speaking of the government decree.
In the rescue of the 4 banks, the shareholders and the bearers of all the subordinated bonds paid a pledge, among them many retail savers.
Barbagallo recalled that the participation in losses by all holders of subordinated bonds, in the event of a bailout procedure which must be approved by Brussels in the light of state aid procedures, is supported by a communication of August 2013 from the EU Commission to the competition, "therefore no distinction could be made between the various categories of subordinated bonds".
