This is because you have to give the investors and other stakeholders the possibility to rectify a solution to ensure that the bank does not fail. The other loophole that seems to need to be closed is a legal one, the definition of public interest. The Italian government used the provision that it was in the public interest to do it this way.
4  BIS Review 109/2008  5)  We begun to do open market operations through government securities market by purchasing instruments that can be liquidated in pesos or dollars in the secondary market.