ROME Ė Banca Carige SpA shares will remain suspended from trading following the European Central Bankís appointment of temporary administrators to the lender, Italyís market regulator.
Regulator Consob said late Wednesday the suspension will remain in force through the ECBís special administration, or until the administrators decide there is sufficient information available regarding securities issued or guaranteed by the bank.
The ECB appointed three special administrators and a three-member surveillance committee on Wednesday to take charge of the bank after a majority of its board members resigned.
The administrators are tasked with maintaining Banca Carigeís stability and ensuring it becomes compliant with capital requirements.
Trading is halted during the special administration as financial disclosure requirements are less stringent than during normal operations, and investor protection therefore canít be guaranteed.
Shares in the bank have fallen more than 80 percent over the past 12 months.