State can compensate small savers over misselling of bank bonds - EU's Vestager

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03/05/2019 | 12:20 pm
ROME (Reuters) - European Union state members can provide some form of compensation to retail investors who were missold bank bonds and then lost their savings in banking crises, the EU competition chief said.

Speaking at a parliamentary hearing on Tuesday, Commissioner Margrethe Vestager also said she was in contact with the Italian government over the issue.

A string of banking crises handled under new EU rules imposing losses on investors in a lender have left thousands of ordinary Italians out of pockets in recent years. Italy's 2019-2021 budget has earmarked 525 million euros (451.8 million pounds) a year to repay shareholders in lenders wound down between Nov. 16, 2015 and Jan. 1, 2018.

(Reporting by Giuseppe Fonte, writing by Giselda Vagnoni, editing by Valentina Za)

Thomson Reuters 2019
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