On January 2, the European Central Bank (ECB) appointed three temporary administrators and a three-member surveillance committee to take charge of Banca Carige, the troubled Genoese lender, following the resignations of a majority of the members of its board of directors, including chairman Pietro Modiano and chief executive Fabio Innocenzi.
The ECB describes the move as “an early intervention measure”. It comes amid the continuing fallout from a shareholders meeting on December 22 which failed to approve a €400 million capital raising that the ECB had required to stabilize the bank before the end of 2018.
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