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ECB Appoints Administrators At Troubled Italian Bank

Law360, London (January 2, 2019, 1:13 PM GMT) -- The European Central Bank appointed temporary administrators and a surveillance committee on Wednesday to take charge of Italy’s Banca Carige SpA, after most of the bank’s board members resigned.

The central bank said it had been necessary to place the struggling bank in temporary administration to allow it to stabilize its governance structure and restore compliance with regulatory capital requirements. The new administrators and committee will replace the bank’s board of directors, according to Wednesday’s statement.

“The decision to impose temporary administration is an early intervention measure aimed at ensuring continuity and pursuing the objectives of a strategic plan,” the ECB...

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