Sven Giegold

Banca Carige: In depth state aid investigation needed

The ECB took over control of the Italian lender Banca Carige after several attempts to stabilize the struggling bank failed.


MEP Sven Giegold, financial and economic policy spokesperson of the Greens/EFA group commented:


“The take over of the management of Banca Carige raises serious questions which need a European investigation. Only a few weeks ago the bank was rescued by a coordinated capital injection of nearly all major Italian banks after a normal issuance of subordinated debt failed twice. This does not look particularly voluntary. The coordinated rescue now seems to constitute a waste of money by the already weakened Italian banking system.


In November just after the so called voluntary rescue I called on competition commissioner Vestager to investigate the case. Just before Christmas I received a rather inconclusive answer that the conditions seem to be fulfilled not to be judged illegal state-aid. However, Vestager did not commit to investigate in depth whether the Italian state has exerted any steering or pressure on the Italian banks. Now, after the escalation of the Carige case it is high time for the EU commission to start this depth investigation. We may not allow that member states invent new aid programmes for banks in order to avoid EU rules to protect tax payers.”


My letter to EU Commissioner Vestager sent on 19th November 2018:


The weak and general response of EU Commissioner Vestager as of 18 December 2018:


The member banks of the Italian “voluntary” scheme:


The “non-members” of the scheme:

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