FRANKFURT, Germany (AP) — The European Central Bank says two troubled Italian banks will be wound down because they were about to fail.

The two banks are Veneto Banca and Banca Popolare di Vicenza.

The two banks have struggled to overcome high levels of loans that were not being paid back.

The ECB said Friday it had given the banks time to raise more capital but that the banks had not been able to offer credible solutions. They will now face Italian insolvency proceedings.

Weak banks that can't lend adequately to businesses have been a key weak spot for Italy and the eurozone economy. The ECB took over as top banking regulator in 2014 as part of an effort to strengthen oversight of the European Union's banking system.