Carige Administrators Have Three-Month Mandate, Sole Reports

(Bloomberg) -- Banca Carige SpA administrators “have all instruments necessary to face this delicate moment” and proceed with the bank’s recovery quickly, European Central Bank supervisory board member Ignazio Angeloni told Il Sole 24 Ore.

“The initial mandate given to the administrators is three months and that can be extended,” the newspaper quoted him as saying in an interview published Saturday.

The ECB had suggested that Carige considered a “combination” with another bank to benefit from synergies and diversify risks, the official reiterated in the Sole interview. He said it is up to the administrators and shareholders to decide which course to take.

Read More: Carige Said to Start Recovery Plan With Talks to Cut Bond Payout

“We intervened urgently to stabilize the governance of the bank,” Angeloni said.

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