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Fondo Interbancario di Tutela dei Depositi (FITD) is an Italian deposit guarantee fund found 1987. The fund became a mandatory scheme by EU Deposit Guarantee Schemes Directive (94/19/EEC). However, the cooperative banks (BCC) of Italy had their own fund instead (Fondo di Garanzia dei Depositanti del Credito Cooperativo). There was another fund to guarantee asset management firm in Italy: Fondo Nazionale di Garanzia.
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Due to the change in the directive (2014/49/EU), which was part of Single Rulebook, the regulatory foundations for Banking Union, the fund had changed from ex-post to an ex-ante system. The fund would eventually joined a single deposit guarantee scheme of the EU. However, in a near future, the fund would only re-insuranced by European Deposit Insurance Scheme.
From 1987 to 2015, 43 member banks were under special administration by the state (with Banca d'Italia as actual administrator). The fund carried 11 interventions, which 2 out of 11 banks returned to normal operation (Cassa di Risparmio di Prato and Banca Tercas). 4 additional bank were bail-out by newly established Italian National Resolution Fund of Single Resolution Mechanism in 2015. (Banca delle Marche, Banca Popolare dell'Etruria e del Lazio, Cassa di Risparmio della Provincia di Chieti and Cassa di Risparmio di Ferrara) Istituto per il Credito Sportivo, GBM Banca and Banca Popolare delle Province Calabre were still under special administration as at 2015.
FITD recapitalized the banks instead of liquidating, as repayment the depositors to the maximum of €100,000 each were more costly. However, in December 2015, European Commission ruled that the capital injection to Banca Tercas in 2014, would be classified as state aid. The commission requested the beneficiary returned the aid to the fund. Lack of approval from the commission were the reasons of not involvements in the bail-out of the 4 banks in 2015.
In 2016 member of FITD set-up a voluntary scheme that separate from the mandatory funding. Banca Tercas returned the aid to FITD but funded by the voluntary scheme for the same amount. In 2016, the voluntary scheme subscribed the €280 million recapitalization of Cassa di Risparmio di Cesena.