The “pace adjustment” process that involved the configuration of the measures taken to rescue Banca Popolare di Vicenza and Veneto Banca was quite chaotic and aroused little controversy.
Could be configured other ways to protect senior bondholders, saver’s deposits and employment levels?
In this paper we will try to answer this question by explaining the technical reasons behind the decision taken by the Italian authorities, in agreement with the European institutions, to arrange, by issuing the d.l. n. 99/2017, the orderly liquidation of the two “Veneto banks” after the failure to resort to the market and the abandonment of the precautionary public recapitalization hypothesis
