Home News Intesa / Passera supported guarantee funds proposed by the EU

Intesa / Passera supported guarantee funds proposed by the EU


MILAN (Dow Jones) – Italian bank Intesa Sanpaolo supports according to their CEO ‘s proposal to EU Finance Commissioner Michel Barnier to the formation of a guarantee for bank deposits. However, Corrado Passera was also skeptical on Tuesday for a further proposal to establish a bank rescue fund in Europe.

In his opinion, should the idea of a bank rescue fund, as had been proposed by UniCredit CEO Alessandro Profumo , think very carefully.
Profumo had suggested on Monday in a commentary for the "Financial Times " a fund for banks with temporary liquidity problems. Accordingly, the cross-border operating banks in Europe to make voluntary contributions to a EUR 20 billion heavy fund that supports battered banks in the issuance of secured bonds , so they come back on its feet.
" At the international level could be prudent for other banks that act less responsibly stand up , " Passera said further , adding that the volume of such a fund is , however, difficult to manage . Nevertheless, the thrust of his colleague is worth considering such a fund should not be regarded as a rescue fund.
Profumo about his proposal has already spoken loud parties with Deutsche Bank, Banco Santander of Spain and the French competitor BNP Paribas. Santander declined to comment on the information is not as first at BNP no one could be reached for comment.

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– By Sabrina Cohen and Jennifer Clark , Dow Jones Newswires
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