The European Commission and Italy have reached a preliminary accord over the creation of a fund to help compensate savers hit last year by a state rescue of four small lenders, a commission spokesman said yesterday.

“There are constructive talks ongoing between the Commission and Italian authorities. We have agreed on the important parameters. It is now in the hands of Italy to implement it,” the spokesman said.

Prime Minister Matteo Renzi has come under heavy pressure to compensate some 12,500 savers whose nest eggs vanished overnight when his government bailed out four banks under new EU rules that imposed losses on shareholders and some bondholders.