Today, UniCredit released the resolutions of its board of directors, which, among other things, “mandated the CEO to negotiate the terms and conditions related to the issuance of Government capital instruments for an amount of up to Euro 4 billion.” The board said the support would align UniCredit with other major banks in Europe that “have already applied for or received comparable instruments.” UniCredit will turn to both Italy and Austria for the funding. The final terms and conditions will be submitted to UniCredit’s board for approval. Unicredit also released its results of operations for the fourth quarter of 2008 and for the full year, reporting net profits of €505 million and €4.012 billion for the fourth quarter and full year, respectively, but that, "in line with the Group governance model – which provides for a direct link between corporate results and Senior Management variable compensation – no 2008 performance-related bonuses are foreseen for Group CEO, Deputy CEOs and all Management Committee Members."

Earlier this month, Banco Popolare announced that it has requested a €1.45 billion capital infusion from the Italian government.