The climate surrounding the resolution of four banks that had been placed under special administration has also contributed to the volatility. 2.
The resolution plan for four banks  On 22 November of last year the Italian Government and the Bank of Italy applied the new rules approved by the Italian Parliament following its transposition of the Bank Recovery and Resolution Directive (BRRD) to resolve the crisis at Banca delle Marche, Banca Popolare dell’Etruria e del Lazio, Cassa di Risparmio di Ferrara and Cassa di Risparmio di Chieti.