La ECB asks Banca Carige for a new business plan, and the Ligurian institute's share immediately plummets to the stock market: around 10 am it loses more than 8% to 0,5795 euros, after even touching 0,56 euros at the opening of the session.
The market's negative reaction comes after a significant day: yesterday Carige has submitted their list for the new appointments to the Board, which foresees Giuseppe Tesauro as candidate for the presidency, Vittorio Bad stocking to the vice presidency and Guido Bastianini as managing director in pectore. But then the cold shower arrives from Frankfurt, with a letter sent on 19 February and which weighs further on a stock that has lost two-thirds of its value in Piazza Affari in the last 6 months.
The European Central Bank has therefore asked Banca Carige to prepare by the end of May a new business plan that "takes into account the deterioration of the current scenario compared to the original forecasts and that reflects new considerations on the group's strategic options". Furthermore, the ECB is asking for a new funding plan by the end of March. However, Banca Carige underlines that the letter was sent "in the form of the so-called 'draft decision', a letter in which the ECB communicated its intention to adopt a decision regarding" the reduction of risks and the presentation of a plan for restore compliance with supervisory requirements. The ECB, it is specified, has recognized the actions that the bank has implemented to strengthen its assets, to improve governance and controls and to improve management efficiency.
