After lengthy discussions between the Ministry of Economy and the Commission, during which the Bank of Italy submitted several memos, in December 2015 the Commission decided to bring the procedure to a close with a negative decision, which has been appealed before the European Court of Justice.
BIS central bankers’ speeches  failure the face value of its shares and subordinated bonds must be reduced or the latter converted into equity before any recourse is made to public funds. Burden sharing is not the same as the ‘bail-in’ principle, which was introduced on 1 January this year with the adoption, in November 2015, of the Bank Recovery and Resolution Directive (BRRD).