The Fondo Interbancario di Tutela dei Depositi (FITD) was founded in 1987. It was mandatory for Italian banks to join either FITD or the Fondo di Garanzia dei Depositanti del Credito Cooperativo. The latter was for the cooperative banks (
banca di credito cooperativo (BCC) network, excluding cooperative bank type
banco popolare) of Italy. Some banks that were
demutualized from the BCC network, such as
Banca di Cambiano, switched to FITD after the demutualization. Due to the change in the directive (2014/49/EU), which was part of the
Single Rulebook, the regulatory foundations for
Banking Union, the fund changed from ex-post to an ex-ante system. The fund eventually joined the single deposit guarantee scheme of the EU. However, in the immediate future, the fund was re-insured by the European Deposit Insurance Scheme. From 1987 to 2015, 43 member banks were under
special administration by the Italian government, with the
Bank of Italy as the actual administrator. The fund carried out 11 interventions, 2 of which out of 11 returned to normal operation:
Cassa di Risparmio di Prato and
Banca Tercas. 4 additional banks were bailed-out by the newly established Italian National Resolution Fund of the EU
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 were still under special administration as at 2015. FITD recapitalized the banks instead of liquidating them, as repayment to the depositors of the maximum of €100,000 each was more costly. However, in December 2015, the
European Commission ruled that the capital injection to
Banca Tercas in 2014 would be classified as state aid. The commission requested the beneficiary return the aid to the fund. Lack of approval from the commission explained the non-involvement in the bail-out of the 4 banks in 2015. In 2016 member of FITD set-up a voluntary scheme separate from the mandatory funding. Banca Tercas returned the aid to FITD, but funded the voluntary scheme for the same amount. In 2016, the voluntary scheme subscribed the €280 million recapitalization of
Cassa di Risparmio di Cesena (Caricesena). In 2017, Caricesena, along with
Banca Carim and
Cassa di Risparmio di San Miniato, were sold to Crédit Agricole Cariparma (trading as
Crédit Agricole Italia) for €130 million. Before the formal handover, the FITD voluntary scheme recapitalized the banks for €470m. ==Interventions==