We have advised the Single Resolution Board, the banking resolution authority of the Eurozone, with respect to the two Italian banks Banca Popolare di Vicenza S.p.A. and Veneto Banca S.p.A.
Following the decision taken by the European Central Bank on 23 June 2017 to declare Banca Popolare di Vicenza S.p.A. and Veneto Banca S.p.A. as ‘failing or likely to fail’, the Single Resolution Board has decided that resolution action by the Single Resolution Board is not warranted for these banks. As a consequence, the winding up of the banks will take place under national Italian proceedings. With the approval of the European Commission the Italian government has subsequently decided to grant aid to facilitate the liquidation of Banca Popolare di Vicenza S.p.A. and Veneto Banca S.p.A. under national Italian insolvency law.
The Single Resolution Board has been supported in this process by a cross-border team of Hogan Lovells supervised by the Frankfurt based partner Dr. Tim Oliver Brandi and Italian Partners Jeffrey Greenbaum, Luca Picone, Francesco Stella, Federico Del Monte, Fulvia Astolfi, Filippo Chiaves and Vittorio Moresco.