BRUSSELS: The European Commission said on Sunday it had approved the 3 billion euros ($3.19 billion) resolution plans of four small Italian banks under EU state aid rules.
The European Commission said in a statement that it had cleared the plans of Banca delle Marche, Banca Popolare dell'Etruria e del Lazio, Cassa di Risparmio di Ferrara and Cassa di Risparmio della Provincia di Chieti, with a combined market share of about 1 percent in Italy.
"The intervention by the Italian resolution fund will allow the orderly resolution of the banks while preserving financial stability," the Commission said in a statement.
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