Bank of Italy chief sees legal risk in senior bonds bail-in

Banks should inform savers about senior bonds’ place in resolution hierarchy

Ignazio Visco, Bank of Italy

Impairing senior bonds when restructuring a failing bank could pose legal problems in Italy where banks sell the bonds to savers, Ignazio Visco, governor of the Bank of Italy, told Risk in an interview.

Italy is in the process of amending its law to comply with the European Union's Bank Recovery and Resolution Directive (BRRD), which gives national authorities the power to impose losses on the shareholders, creditors and depositors of a bank in resolution, to prevent any resort to taxpayers'

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